Weekly Supply - Italy's Valore and US 20y in focus

This weekly tracker reviews global government bond supply. Italy's Tesoro plans a dual-tranche 5y BTP Valore, comprising the standard quarterly step-up BTP Valore and the new BTP Valore Insieme paying a single coupon at maturity, with total subscriptions expected at EUR15-17bn. Euro area supply is light at roughly EUR2.5bn gross (Finland only), and with Austrian redemptions and coupons across EGB-11 issuers, net supply turns negative next week; scheduled nominal gross supply over the next four weeks is also negative after maturities and coupon payments. In the US, the focus is the USD13bn 20y reopening on 21 October and USD26bn of 5y TIPS;