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Bullish Price Structure Intact


German Mar Factory Orders Beat Expectations


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(M1) Needle Still Points North

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Austria, Germany, Spain, France and Belgium are all due to come to the market next week. We estimate gross net issuance of E23.8bln, down slightly on last week's E26.0bln.
  • Austria kicked off funding for the week on Tuesday with a combined E1.495bln of the 0% Feb-31 and 1.50% Feb-47 RAGBs sold.
  • Germany re-opened the 0.10% Apr-26 ILB and the 0.10% Apr-46 ILB with E578.25mn allotted.
  • Germany will return to the market on Wednesday with E4bln of the 0% Apr-26 Bobl on offer.
  • Spain will come to the market on Thursday to sell 5/10/30-year nominals for E4.5-5.5bn and the 12-year linker for E0.25-0.75bn: the 0% Jan-26 Bono, the 0.10% Apr-31 Obli, the 0.10% Oct-50 Obli and the 0.70% Nov-33 Obli-Ei.
  • France will look to sell E10-11bln LT OATs on Thursday with 10/20/30-year bonds on offer: the 0% Nov-31 OAT, the 0.50% May-40 OAT and the 0.75% May-52 OAT.
  • Belgium will conclude issuance for the week with an ORI Facility operation on Friday, with details to be announced on Thursday.
NET NOMINAL FLOWS: E18.1bln of redemptions are scheduled for the upcoming week (with the BTP maturing on 1 May the most notable at E15.8bln). Coupon payments are expected to come in at E5.1bln. With gross nominal issuance of E23.8bln, we estimate net nominal flows of E0.6bln next week (almost flat). This week saw a negative flow of E44.8bln.

For more information see the MNI EGB Issuance, Redemption and Cash Flow Matrix.: