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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Aug 21

  • The EFSF, Belgium, Germany, Italy and potentially Portugal all look to issue in the week ahead. We pencil in gross nominal issuance of E13.6bln, down from E17.8bln this week.
  • The week ahead sees no redemptions and only negligible coupons.
  • This leaves net flows for the week at an estimated positive E13.5bln in contrast to the negative -E25.0bln this week.
For more see the full PDF here:

EZ230821.pdf


Week Ahead Supply

  • The EFSF has issued an RFP for an upcoming transaction. We expect the transaction to take place on either Monday or Tuesday. The EFSF has already raised E13bln of its E20bln funding target and we pencil in a transaction of E3-5bln (with a larger transaction likely to be a dual-tranche).
  • Belgium will kick off auction issuance for the week on Monday with a combined E2.4-2.8bln target range for the 7-year 0.10% Jun-30 OLO (ISIN: BE0000349580) and the on-the-run 10-year 3.00% Jun-33 OLO (ISIN: BE0000357666). BDA chose to issue lower duration OLOs in August, as expected.
  • On Tuesday 22 August, Germany will look to sell E3bln of the 7-year 2.40% Nov-30 Bund (ISIN: DE000BU27006).
  • Italy will look to hold a BTP Short Term auction on Friday 25 August, we pencil in a reopening of the 3.60% Sep-25 BTP Short Term (ISIN: IT0005557084) which was launched in July. We pencil in a maximum auction size of between E2.50-2.75bln. The BTPei auction that was due to be held simultaneously has been cancelled.
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