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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 27 May, 2024

The EU, Belgium, the Netherlands, Italy, Germany and Finland all look to hold auctions in the upcoming week. On the syndication side, we see Spain as the most likely candidate to hold a syndication in our view.

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  • The EU, Belgium, the Netherlands, Italy, Germany and Finland all look to hold auctions in the upcoming week.
  • On the syndication side, we see Spain as the most likely candidate to hold a syndication in our view.
  • We pencil in estimated gross issuance for the week at E37.8bln, up from E26.7bln this week.
  • The week ahead sees redemptions of E69.8bln: E36.3bln of a formerly 10-year OAT, E14.1bln of a BTP Short Term and E19.5bln of a Spanish formerly 3-year Bono.
  • Coupon payments for the week are E13.8bln: E12.3bln French, E0.8bln Spanish and E0.5bln Italian.
  • This leaves estimated net flows for the week at negative E45.9bln, versus positive E23.0bln this week.
For more see the full including an overview of the next 2 weeks of issuance, a round up of Q2 issuance plans, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here:

EZ240527a.pdf


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  • The EU, Belgium, the Netherlands, Italy, Germany and Finland all look to hold auctions in the upcoming week.
  • On the syndication side, we see Spain as the most likely candidate to hold a syndication in our view.
  • We pencil in estimated gross issuance for the week at E37.8bln, up from E26.7bln this week.
  • The week ahead sees redemptions of E69.8bln: E36.3bln of a formerly 10-year OAT, E14.1bln of a BTP Short Term and E19.5bln of a Spanish formerly 3-year Bono.
  • Coupon payments for the week are E13.8bln: E12.3bln French, E0.8bln Spanish and E0.5bln Italian.
  • This leaves estimated net flows for the week at negative E45.9bln, versus positive E23.0bln this week.
For more see the full including an overview of the next 2 weeks of issuance, a round up of Q2 issuance plans, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here:

EZ240527a.pdf


Keep reading...Show less