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EGB Supply For W/C Oct 19

EUROZONE ISSUANCE
Germany, Belgium, the ESM and Slovakia will issue bonds in the W/C Oct 19. We estimate supply of E8.4bn compared to E26.1bn the previous week.
  • ISSUANCE: Slovakia will hold the first auction of the week with a tap of the 0.125% Jun-27 SlovGB, 0.75% Apr-30 SlovGB, 1.625% Jan-31 SlovGB and the 1.875% Mar-37 SlovGB on Monday for a combined E571mn. Belgium will then re-open the 0.10% Jun-30 OLO and the 1.45% Jun-37 OLO for 1.3-1.8bn. On Tuesday Germany will offer EUR4bn of the 0 Sep-22 Schatz. The ESM has sent at RfP which indicates a bond auction will take place by end-week.
  • CASH FLOWS: E9.0bn in redemption and E1.9bn in coupon payments will leave net cash flows at E-2.6bn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow Matrix

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