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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 25 March, 2024

  • The Netherlands, Germany and Italy are all due to issue in the week ahead. We pencil in estimated gross issuance for the week at E16.8bln, only just over a third of the E45.2bln issued this week, with many markets closed on Friday for Good Friday.
  • The week ahead sees redemptions of E33.5bln with the vast majority (E33.4bln) from a formerly 5-year OAT.
  • Coupon payments will be E4.5bln (of which E3.9bln are Belgian and E0.6bln Italian).
  • This leaves estimated net flows for the week at negative E21.3bln, versus positive E35.0bln this week.
For more see the full including an overview of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here:

EZ240325.pdf

Supply Next Week

  • The Netherlands will kick off issuance for the week on Tuesday with E1.5-2.0bln of the 5-year 0% Jan-29 DSL (ISIN: NL0015000LS8) on offer.
  • Germany will also come to the market on Tuesday with a Green auction. On offer will be E1bln of the 0% Oct-25 Green Bobl (ISIN: DE0001030716) alongside E1bln of the 2.30% Feb-33 Green Bund (ISIN: DE000BU3Z005).
  • On Wednesday, Italy will come to the market to hold a 5/10-year BTP and CCTeu auction. The 5/10-year BTPs that were launched at the February auction will be reopened: E3.0-3.5bln of the 3.35% Jul-29 BTP (ISIN: IT0005584849) and E3.0-3.5bln of the 3.85% Jul-34 BTP (ISIN: IT0005584856). Alongside these there will also be E1.00-1.25bln of the off-the-run 5-year 3.85% Dec-29 BTP (ISIN: IT0005519787) and E1.0-1.5bln of the 1.15% Oct-31 CCTeu (ISIN: IT0005554982) on offer.
  • Finally on Wednesday, Germany will conclude EGB issuance for the quarter with E3bln of the 7-year 2.40% Nov-30 Bund (ISIN: DE000BU27006) on offer.
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