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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Apr 4

  • The EU, Slovakia, Austria, Germany, Spain and France are all due to sell bonds next week. We look for gross nominal issuance of E26.8bln, almost double the E13.8bln this week.
  • There are two notable upcoming redemptions: an EU bond for E2.7bln (originally a 10-year) and a German Bobl for E20.5bln. Coupon payments are expected to come in at E0.2bln.
  • This would leave net estimated net flows for the week at positive E3.3bln (from negative E21.2bln this week).
Full document:

EZ220404.pdf

Week Ahead Supply:

  • The EU will hold another syndication next week, with a longer-dated NGEU bond expected to be on offer. Note that after the 22 March syndication of E10bln for a new 10-year bond, the EU’s funding plan now has E20bln of NGEU funds to be raised over the next three syndications (including next week’s and assuming auction sizes remain at E2.5bln).
  • Slovakia has announced that due to demand from Primary Dealers, it will come to the market Monday for an extra auction of the 2.25% Jun-68 SlovGB (ISIN: SK4120014184).
  • On Tuesday, Austria will come to the market to sell E1.495bln of 10/25-year RAGBs: the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) and the 1.50% Feb-47 RAGB (ISIN: AT0000A1K9F1).
  • Also Tuesday, Germany will look to sell linkers: E400mln of the 0.50% Apr-30 ILB (ISIN: DE0001030559) and E200mln of the 0.10% Apr-46 ILB (ISIN: DE0001030575).
  • On Thursday Spain will look to sell benchmark 5/7/10-year Oblis: the 1.50% Apr-27 Obli (ISIN: ES00000128P8), the 0.80% Jul-29 Obli (ISIN: ES0000012K53) and the 0.70% Apr-32 Obli (ISIN: ES0000012K20). In addition the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) will be on offer. Issuance volumes will be announced Monday.
  • Also Thursday, France will look to sell E10.0-11.5bln of LT OATs. The highlight will be the launch of the new long 15-year OAT with benchmark 10/50-year OATs also on offer: E10.0-11.5bln of the 0% May-32 OAT (ISIN: FR0014007L00), the new 1.25% May-38 OAT (ISIN: FR_2038OAT) and the 0.50% May-72 OAT (ISIN: FR0014001NN8)
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