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EGBS: Cash Flows May Be Supportive Through the Rest Of October

EGBS
EurozoneBulletGlobalFixed Income BulletsRegionMarkets

Eurozone net issuance is expected to be negative for the next three weeks, which may provide some underlying support to EGBs in the absence of fundamental drivers.

  • MNI estimates net issuance at negative E18.6bln this week, its most negative since W/C 12 August.
  • This reflects expected issuance of E26.2bln, redemptions of E41.8bln and coupon payments of E2.9bln.
  • The largest redemption this week will be E22.5bln from the 0% Oct-24 Bobl, which will be available for reinvestment from Wednesday. E14.6bln from an Italian CCTeu.
  • Notable upcoming redemptions over the rest of October include E12.6bln from a formerly 7- year Belgian OLO, E11.7bln from a formerly 10-year Austrian RAGB and E24.2bln from a formerly 10-year Spanish Obli.
  • For more, see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.
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Eurozone net issuance is expected to be negative for the next three weeks, which may provide some underlying support to EGBs in the absence of fundamental drivers.

  • MNI estimates net issuance at negative E18.6bln this week, its most negative since W/C 12 August.
  • This reflects expected issuance of E26.2bln, redemptions of E41.8bln and coupon payments of E2.9bln.
  • The largest redemption this week will be E22.5bln from the 0% Oct-24 Bobl, which will be available for reinvestment from Wednesday. E14.6bln from an Italian CCTeu.
  • Notable upcoming redemptions over the rest of October include E12.6bln from a formerly 7- year Belgian OLO, E11.7bln from a formerly 10-year Austrian RAGB and E24.2bln from a formerly 10-year Spanish Obli.
  • For more, see the MNI EGB Issuance, Redemption and Cash Flow Matrix here.