Free Trial

EGB issuance hails from...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance hails from Germany, Spain and France and MNI
estimates a total of E17.25bln vs E16.8bln last week -- the weekly YTD average
pace is E20.4bln.
ISSUANCE: The issuance starts slowly on Tuesday when Germany sells E4bln of the
0% Schatz Jun-19. Germany follows up on Wednesday with E3bln of Bund 0.5%
Aug-27. However, the mid-week rush continues on Thursday when Spain sells SPGBei
0.3% Nov-21 alongside 3 nominals: SPGB 0.4% Apr-22, SPGB 5.9% Jul-26 and SPGB
4.7% Jul-41. France sells E5.5-6.5bln of OAT 6% Oct-25, OAT1% May-27 and OAT 2%
May-48.
CASH FLOWS: There are big peripheral cash inflows this week with E28.8bln of
Spanish coupons and redemptions and a similar E22.5bln from Italy on Monday and
Tuesday respectively. So, total cash flows amount to E42.3bln, which means that
EGB supply net supply is a massive negative of E33.8bln. Month-end extensions
are likely on Monday. **For full details, please see MNI Eurozone bond auction
calendar, MNI Eurozone Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI
Eurozone Issuance Profile: http://tinyurl.com/h7trj4x

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.