MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Apr 3

• The Netherlands, Austria, Germany, France and Cyprus 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 E31.7bln.
• The upcoming week sees a Lithuanian redemption of E0.8bln with coupons of E0.7bln.
• With estimated gross nominal issuance of E23.0bln next week, welook for net flows of positive E21.5bln in the week ahead, up from this week’s positive E0.4bln.

EZ230403.pdf

Week Ahead Supply

• Cyprus is due to hold a syndication shortly with it inaugural Sustainable bond likely to be on offer. We pencil in a transaction size of E1.0bln in line with the 2023 funding guidance.
• The Netherlands will kick off auctions for the week on Tuesday with E3-5bln of the new 2.50% Jan-30 DSL (ISIN: NL0015001DQ7) on offer.
• Austria will then look to sell a combined E1.38bln of on-the-run 3/10-year RAGBs: the 2.00% Jul-26 RAGB (ISIN: AT0000A308C5) and the 2.90% Feb-33 RAGB (ISIN: AT0000A324S8).
• Concluding Tuesday’s issuance Germany will look to sell Index Linked Bunds: E400mln of the 0.10% Apr-33 ILB (ISIN: DE0001030583) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575).
• Germany will return to the market on Wednesday with E4bln of the 2.10% Nov-29 Bund (ISIN: DE0001102622) on offer.
• France will conclude issuance for the week on Thursday with E10-11bln of LT OATs on offer. A new 10-year 3.00% May-33 OAT will be launched while there will be reopenings of the 20-year 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 30-year 3.00% May-54 OAT (ISIN: FR001400FTH3).