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EGB supply for W/C Apr 26, 2021 (2/2)

EUROZONE ISSUANCE
  • Italy will conclude issuance for the week (and month) on Thursday with MT/LT BTPs on offer. Details of the auction are due to be announced later today.

REDEMPTIONS: Total of E55.1bln:

  • France: E29.1bln of the 3.75% Apr-21 OAT was due on 25 April – the OAT was originally issued as a 15-year issue.
  • Spain: E24.0bln of the 5.50% Apr-21 Obli (originally 10-year) is due to mature on Friday.
  • Italy: There is also a E2.0bln Italy EMTN due to mature on 28 April.

NET NOMINAL FLOWS: With E55.1bln of redemptions scheduled for the upcoming week and with chunky coupon payments of E15.8bln and gross nominal issuance of E23.5bln, we estimate net nominal flows of negative E47.4bln this week, last week saw a E37.4bln positive issuance.

For more see the MNI Issuance, Redemption and Cash Flow Matrix here.

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