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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 29 April, 2024

  • Italy, the EU, the Netherlands, Germany, France and Belgium are all due to issue in the upcoming week. The syndication schedule may slow down again given the Mayday / bank holiday across much of Europe. We pencil in estimated gross issuance for the week at E33.0bln.
  • The week ahead April sees redemptions of E22.5bln: E21.2bln from a formerly 10-year Obli and E1.3bln from a formerly 10-year Latvian -bond.
  • There will also be E9.4bln of coupon payments due: including E4.7bln Italian and E4.5bln Spanish.
  • This leaves estimated net flows for the week to be positive E1.1bln, versus positive E12.0bln 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:

EZ240429.pdf

Supply Next Week

  • Italy will kick off issuance for the week on Monday with a 5/10-year BTP and CCTeu auction. On off will be E2.75-3.25bln of the 5-year on-the-run the 3.35% Jul-29 BTP (ISIN: IT0005584849) alongside E3.0-3.5bln of the 10-year on-the-run the 3.85% Jul-34 BTP (ISIN: IT0005584856). A new long 7-year 1.05% Apr-32 CCTeu will also be launched for E3.0-3.5bln.
  • The EU will also come to the market on Monday to hold an EU-bond auction. Up to E2.5bln of the short 5-year 3.125% Dec-28 EU-bond (ISIN: EU000A3K4EN5) will be on offer alongside up to E2.5bln of the 9-year 2.75% Feb-33 Green EU-bond (ISIN: EU000A3K4DW8).
  • The Netherlands will hold an auction on Tuesday with E2.0-2.5bln of the 2.50% Jul-34 DSL (ISIN: NL0015001XZ6) on offer.
  • Germany will also come to the market on Tuesday to launch the new 2.10% Apr-29 Green Bobl (ISIN: DE000BU35025) for E3bln.
  • On Thursday, France will look to hold a LT OAT auction with E10.5-12.0bln on offer. On offer will be the on-the-run 10-year 3.50% Nov-33 OAT (ISIN: FR001400L834), the off-the-run 1.25% May-34 OAT (ISIN: FR0013313582), the on-the-run 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2) and the on-the-run 30-year 3.25% May-55 OAT (ISIN: FR001400OHF4).
  • Belgium will look to complete issuance for the week on Friday with an ORI operation. Details will be confirmed on Thursday, but we pencil in a transaction size of E500mln.
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