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(H2) Recovery From The 50-Day EMA Extends


Heavy Midweek Issuance Over $31B


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EGB Supply For W/C Dec 6, 2021

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Next week will see issuance from the Netherlands and Germany. MNI estimates gross issuance for next week at E9.0bln, down from this week’s E18.3bln.

  • The Netherlands will kick off issuance for the week on Tuesday with E1.5-3.0bln of the 3-year 2.00% Jul-24 DSL on offer.
  • Germany will also come to the market on Tuesday to sell E4bln of the 0% Dec-23 Schatz.
  • Germany will return to the market Wednesday, with E3bln of the 10-year 0% Aug-31 Bund on offer.

NET NOMINAL FLOWS: There is one redemption for the week ahead, a E15.5bln German Schatz maturing on Friday. There are no coupon payments due. With gross issuance of E9.0bln, we estimate negative net flows of E6.5bln next week (close to this week’s negative net flows of E6.9bln).

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document.