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EGB Issuance, Redemption and Cash Flow Matrix - W/C Sep 21

Germany, Italy, the Netherlands, Belgium and Slovakia will issue bonds in the W/C Sep 21. We estimate supply of E20.8bn compared to E19.5bn the previous week
- ISSUANCE:
  • Slovakia will get the ball rolling on Monday with a tap of the 0% Jun-24 SlovGB, 0.75% Apr-30 SlovGB, 1.00% Oct-30 SlovGB and the 2.00% Oct-47 SlovGB for a combined E0.5bn.
  • Belgium will follow with a sale of the 0.80% Jun-25 OLO, 1.00% Jun-31 OLO, and the 1.25% Apr-33 OLO.
  • Germany comes to market on Tuesday to re-pen the 0% Sep-22 Schatz with E5bn on offer.
  • The Netherlands will then issue a new 0% Jan-52 DSL via a Dutch Direct Auction (DDA).
  • Germany returns for a second time on Wednesday to auction E3.5bn of the 0% May-35 bund.
  • Italy will conclude issuance for the week with a sale of CTZ/BTPEi on Thursday.
- CASH FLOWS:
  • E0.8bn in redemptions and E0.2bn in coupon payments will leave net cash flows at E19.7bn for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix: MNI Eurozone Issuance Profile & Cash Flow Matrix

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