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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Dec 6

MNI (London)
  • Next week will see issuance from the Netherlands and Germany. MNI estimates gross issuance for next week at E9.0bln, down from this week’s E18.3bln.
  • There is one redemption for the week ahead, a E15.5bln German Schatz maturing on Friday. There are no coupon payments due.
  • With gross issuance of E9.0bln, we estimate negative net flows of E6.5bln next week (close to this week’s negative net flows of E6.9bln).
Full document:

EZ211206.pdf

Week Ahead Supply:

  • The Netherlands will kick off issuance for the week on Tuesday with E1.5-3.0bln of the 3-year 2.00% Jul-24 DSL on offer.
  • Germany will also come to the market on Tuesday to sell E4bln of the 0% Dec-23 Schatz.
  • Germany will return to the market Wednesday, with E3bln of the 10-year 0% Aug-31 Bund on offer.

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