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Free AccessGermany and Italy will issue......>
EUROZONE ISSUANCE: Germany and Italy will issue EGBs this week with the ESM/EFSF
also scheduled to tap the market. We estimate supply of E19.3bln for the week
compared to E25.1bln last week.
- ISSUANCE: Italy will issue twice this week. On Tuesday the treasury will
auction the 0% Nov-21 CTZ, 0.40% May-30 BTPEi and the 1.25% Sep-32 BTPEi.
Germany will then come to market on Wednesday to sell the 0% Apr-25 Bobl for
E4bln. Italy returns on Thursday to issue medium-/long-term BTPs with details
yet to be announced.
- There is also market talk that Spain could come to market with a 30y
syndication that could be at least E6bln (this is not included in our
calculations).
- CASH FLOWS: There will be E15.1bln in redemptions and E0.4bln in coupon
payments which will leave net cash flows at E3.7bln for the week.
** For further information please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM240220ienc.pdf
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.