MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Feb 14

• The Netherlands, Germany, Spain and France are all scheduled to sell bonds this week. We look for E31.4bln of gross nominal issuance, up from E25.4bln last week.
• The week ahead sees no redemptions and coupons of E3.0bln.
• With estimated gross nominal issuance of E31.4bln, net flows for the week are estimated at positive E28.4bln (from E25.4bln this week).

EZ220214.pdf

Week Ahead Supply:

• The Netherlands will kick off the week’s auctions on Tuesday, launching the new 10-year DSL via DDA for E4-6bln.
• Germany will also come to the market on Tuesday with E4.0bln of the 0% Apr-27 Bobl on offer.
• Germany will return to the market Wednesday to sell a further E4.0bln of the 0% Feb-32 10-year Bund.
• On Thursday, Spain will look to sell the on-the-run 5-year Bono and 10-year Obli; the 0% Jan-27 Bono and the 0.70% Apr-32 Obli. The amounts of the auction will be confirmed on Monday.
• Also Thursday, France will sell 3/5/7-year OATs; the 0% Feb-25, 0% Feb-27 and 0.75% May-28 OATs.
• France will then look to reopen a further E1.0-1.5bln of linkers. These will be the 0.10% Jul-31 OATei and the 0.10% Mar-32 and 0.10% Mar-36 OATis.