This week, EGB primary market activity is likely to increase moderately, with Italy, France, Spain and Belgium expected to sell EUR 26bn of bonds. Risks remain to the upside, as some issuers might decide to launch new syndicated transactions before the summer break. Issuance activity that involves both nominal and inflation-linked bonds will be particularly intense in the 10Y area. Redemptions from Italy (CTZ Jun21) will amount to EUR 13bn, while coupons from Italy and Austria will amount to EUR 0.5bn. Hence, net supply is likely to remain positive. In addition to EGB issuance activity, the European Union is likely to launch a syndicated deal in the coming days.