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Bullish Engulfing Reversal Still In Play

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Will The CHF Strength Drag Down Swiss CPI?

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Short-Term Outlook Remains Bullish

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Slovakia, Finland, Germany, Spain and France are all due to sell bonds this week. We estimate gross nominal issuance for the week at E18.6bln, down from last week's E29.7bln.

  • Slovakia is due to kick off issuance for the week this morning with E300mln of 3/9/15-year SlovGBs. E100mln of each of the 0% Jun-24 SlovGB, the 1.00% Oct-30 SlovGB and the 0.375% Apr-36 SlovGB will be on offer.
  • Finland will look to sell up to E1.0bln of the 10-year 0.125% Sep-31 RFGB tomorrow.
  • On Wednesday, Germany will reopen the 0% Aug-31 Green Bund for E3bln.
  • Spain will come to the market on Thursday with the new 5-year 0% Jan-27 Bono and the 15-year 0.85% Jul-37 Obli on offer. Issuance volumes will be announced Monday.
  • France will look to sell E6.5-7.5bln of MT OATs: the 0% Mar-23 OAT, the 1.00% Nov-25 OAT and the 0.50% May-26 OAT.
  • France will then look to sell E1.25-1.75bln of linkers: the 0.10% Mar-26 OATei, the 0.10% Mar-32 OATi and the 0.10% Jul-47 OATei.

NET NOMINAL FLOWS: There are no redemptions due this week and E1.8bln of coupons. With estimated gross nominal issuance of E18.6bln, this would leave net nominal flows for the week at E16.8bln, up a little from E14.6bln last week.

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 MNI EGB Issuance Redemption and Cash Flow Matrix here.