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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Dec 11

  • Austria, Italy and Belgium are due to issue in the week ahead. We pencil in gross nominal issuance of E7.1bln, down from E16.1bln this week.
  • The week ahead will likely see 2024 funding plans published by Austria, the EU, France (Wednesday), the Netherlands (Friday), Slovakia and possibly the EFSF/ESM.
  • The week ahead sees redemptions of E25.7bln (E18.0bln Schatz and E7.7bln of a CCTeu) and coupons of E0.6bln (E0.4bln from Germany and E0.2bln EFSF-bonds).
  • This leaves net flows for the week at an estimated negative E19.2bln, versus positive E12.3bln this week.
For more see the full PDF here:

EZ231211.pdf

Week Ahead Supply

  • Austria has announced it will utilise its reserve auction on Tuesday to sell E632.5mln of the on-the-run 10-year 2.90% Feb-33 RAGB.
  • Italy will look to conclude its 2023 issuance on Wednesday. On offer will be E2.5-3.0bln of each of the on-the-run 3/7-year BTPs: the 3.85% Sep-26 BTP (ISIN: IT0005556011) and the 4.00% Nov-30 BTP (ISIN: IT0005561888). Note that the MEF had previously announced that it will not be issuing 10+ year BTPs at this auction.
  • Belgium will look to conclude its 2023 issuance by holding an ORI operation on Friday 15 December. We pencil in a E500mln size, with details not due to be announced until Thursday 14 December.
  • Cancelled auction: Spain has cancelled its auction that had been scheduled for Thursday 14 December – in line with our expectations and the precedent set in previous years.
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