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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Aug 15

  • Germany and France are the only countries due to sell bonds next week. We look for estimated gross nominal issuance of E11.0bln, up from this week’s E8.7bln sold.
  • There are only negligible redemptions due next week but coupon payments of E2.4bln are due (of which E2.3bln are German).
  • With estimated gross issuance of E8.7bln, MNI estimates net nominal issuance of positive E8.6 bln next week, versus this week’s negative E22.1bln.
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Week Ahead Supply:

  • Germany will kick off issuance for the week on Tuesday with E4bln of the 1.30% Oct-27 Bobl (ISIN: DE0001141869) on offer.
  • On Thursday, France will look to sell E5-6bln of MT Oats. On offer will be the off-the-run 0.50% May-25 OAT (ISIN: FR0012517027) and the on-the-run 0.75% Feb-28 OAT (ISIN: FR001400AIN5)
  • France will return later in the day to issue E0.5-1.0bln of linkers: the 1.85% Jul-27 OATei (ISIN: FR0011008705), the 3.15% Jul-32 OATei (ISIN: FR0000188799) and the 0.10% Mar-32 OATi (ISIN: FR0014003N51).
  • Spain has cancelled its auction that was scheduled for Thursday.

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