Free Trial

MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Feb 12

Italy, Germany, Greece, Portugal, Spain and France are all due to hold auctions in the week ahead. We pencil in estimated gross issuance for the week at E37.0bln, up a little from E34.0bln this week.

  • Italy, Germany, Greece, Portugal, Spain and France are all due to hold auctions in the week ahead.
  • We look for the syndications schedule to slow down somewhat, although we do see some risk that given the heavier redemptions and the still very strong demand, that there could be risks of other syndications being pulled forward. We pencil in estimated gross issuance for the week at E37.0bln, up a little from E34.0bln this week.
  • The week ahead sees E42.3bln of redemptions: E22.5bln from a formerly 10-year Bund, E6.0bln from a formerly 10-year OT and E13.8bln from a formerly 7-year CCTeu.
  • Coupons for the week sum to E3.7bln including E2.0bln German, E0.9bln Portuguese and E0.4bln Italian.
  • This leaves estimated net flows for the week at negative E9.0bln, compared to positive E33.6bln this week.

For more see the full including an overview of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here:

EZ240212.pdf

Keep reading...Show less
532 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Italy, Germany, Greece, Portugal, Spain and France are all due to hold auctions in the week ahead.
  • We look for the syndications schedule to slow down somewhat, although we do see some risk that given the heavier redemptions and the still very strong demand, that there could be risks of other syndications being pulled forward. We pencil in estimated gross issuance for the week at E37.0bln, up a little from E34.0bln this week.
  • The week ahead sees E42.3bln of redemptions: E22.5bln from a formerly 10-year Bund, E6.0bln from a formerly 10-year OT and E13.8bln from a formerly 7-year CCTeu.
  • Coupons for the week sum to E3.7bln including E2.0bln German, E0.9bln Portuguese and E0.4bln Italian.
  • This leaves estimated net flows for the week at negative E9.0bln, compared to positive E33.6bln this week.

For more see the full including an overview of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here:

EZ240212.pdf

Keep reading...Show less