MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Aug 28

• The EU, Germany, Italy and Belgium all look to issue in the week ahead. We pencil in gross nominal issuance of E18.8bln, up from E15.1bln this week.
• The week ahead sees no redemptions and coupon payments of E7.3bln (all of which are Italian).
• This leaves net flows for the week at an estimated positive E11.5bln, down from E15.1bln this week.

EZ230828.pdf

Week Ahead Supply

• The EU will kick off issuance for the week on Monday with a 3/18-year EU-bond auction: Up to E1.5bln of the on-the-run 3-year 2.75% Oct-26 EU-bond (ISIN: EU000A3K4D82) and up to E1.5bln of the 0.45% Jul-41 EU-bond (ISIN: EU000A3KT6B1)
• On Tuesday, Germany will look to sell E4bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018).
• On Wednesday, Italy will hold a 5/10-year BTP / CCTeu auction for up to E10bln (including the launch of a new 10-year BTP). On off will be E2.75-3.25bln of the on-the-run 5-year 3.80% Aug-28 BTP (ISIN: IT0005548315), E1.0-1.5bln of the previous on-the-run 10-year 4.35% Nov-33 BTP (ISIN: IT0005544082), E3.25-3.75bln of the new 10-year 4.20% Mar-34 BTP (ISIN: TBC) and E1.0-1.5bln of the 1.15% Oct-31 CCTeu (ISIN: IT0005554982).
• Also on Wednesday, Germany will look to sell E1.5bln of the 1.30% Oct-27 Green Bobl (ISIN: DE0001030740) which has a residual maturity of just over four years.
• On Friday, Belgium will look to conclude issuance for the week with an ORI operation. We pencil in an operation size of up to E500mln.