MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Apr 10

• Germany, Spain, Italy and potentially Portugal all look to issue next week. We pencil in gross nominal issuance of E23.0bln from announced issuance operations next week, down from this week’s E32.7bln.
• The upcoming week sees E19.5bln of redemptions: a E18.5bln German Bobl and E1.0bln of a Latvian bond while coupons total E0.8bln.
• With estimated gross nominal issuance of E23.0bln next week, we look for net flows of positive E2.7bln in the week ahead, down from this week’s positive E31.2bln.

For more see the full PDF including a recap of this week's issuance operations:

EZ230410.pdf

Week Ahead Supply

• Germany will kick off issuance on Tuesday with E5bln of the 2.20% Apr-28 Bobl (ISIN: DE000BU25000) on offer.
• Germany will then return to the market on Wednesday to hold a 30-year Bund auction with E1.0bln of the 1.25% Aug-48 Bund (ISIN: DE0001102432) on offer alongside E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
• Also Wednesday, there is potential for a Portuguese auction.
• On Thursday, Spain will look to sell the on-the-run 3-year 2.80% May-26 Bono (ISIN: ES0000012L29) alongside the on-the-run 10-year 3.15% Apr-33 Obli (ISIN: ES0000012L52), the 1.00% Jul-42 Green Obli (ISIN: ES0000012J07) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
• Italy will also come to the market on Thursday to sell 3/7/15-50-year BTPs. The BTPs on offer will be announced later today but for now we pencil in E3.0-3.5bln of the 3-year 3.80% Apr-26 BTP, E3.5-4.0bln of a new 7-year Jun-30 BTP but we have less conviction on which 15-50 year BTPs will accompany these.