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Free AccessGermany, France Spain and.........>
EUROZONE ISSUANCE: Germany, France Spain and Austria will issue EGBs this week.
We estimate supply of E23.2bn (revised from an initial E24.7bln) compared to
E11.2bln last week.
- ISSUANCE: Austria will come to the market first this week with a tap of the
0.00% Feb-30 RAGB and the 0.75% Mar-51 RAGB for a combined E1.15bn on Tuesday.
On the same day Germany will re-open the 0.50% Apr-30 iBund and the 0.10% Apr-46
iBund for E0.3bn each. The Deutsche Finanzagentur returns on Wednesday to sell
the 0% Apr-25 Bobl for E4bn. Thursday will be the heaviest day of issuance.
Spain will tap the 0.0% Apr-23 Bono, 0.0% Jan-25 Bono, 0.80% Jul-27 Obli , 0.70%
Nov-33 ObliEi and the 1.00% Oct-50 Obli for E5.5-6.5bn. France will then
conclude for the week with sales of the 0.75% May-28 OAT, 0.0% Nov-29 OAT, 0.75%
May-52 OAT and the 4.00% Apr-60 OAT for E9.5-11.5bn.
- CASH FLOWS: There E0.2bn in coupon payments which will leave net cash flow at
E23.0bln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: https://emedia.marketnews.com/marketnewsintl/EGBCFM040520.pdf
To read the full story
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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.