MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Feb 27

• The EU, the Netherlands, Germany, Spain and France all look to hold auctions next week. We pencil in gross nominal issuance of E32.7bln next week, down from this week’s E41.8bln.
• The upcoming week sees E28.8bln of redemptions: largely from E15.5bln of a formerly 5-year BTP, E10.0bln of a formerly 3-year OAT and E3.0bln of a formerly 10-year SlovGB.
• Coupons for the week sum to E9.4bln (E7.3bln Italian, E1.5bln French).
• With estimated gross nominal issuance of E32.7bln next week, we look for net flows of negative E5.4bln in the week ahead, compared to this week’s positive E40.8bln.

For more see the full PDF here:

EZ230227.pdf

Week Ahead Supply

• The EU will kick off issuance on Monday with up to E2bln of the 0.80% Jul-25 EU-bond (ISIN: EU000A3K4DJ5) and up to E2bln of the 0% Oct-28 EU-bond (ISIN: EU000A3KWCF4) on offer.
• On Tuesday, the Netherlands will look to sell E1.5-2.5bln of the 15-year 0% Jan-38 DSL (ISIN: NL0015000B11).
• Also Tuesday, Germany will come to the market to offer E6bln of the 2.50% Mar-25 Schatz (ISIN: DE000BU22007).
• Germany will kick off March issuance on Wednesday with a 15-year Bund auction. On offer will be E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598) and E1.0bln of the 4.25% Jul-39 Bund (ISIN: DE0001135325).
• On Thursday, Spain will look come to the market to sell 3/6/10-year Bonos/Oblis and a 10-year Obli-Ei: the 2.80% May-26 Bono (ISIN: ES0000012L29), the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 3.15% Apr-33 Obli (ISIN: ES0000012L52) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12).
• Later on Thursday, France will look to sell E10.5-12.0bln of LT OATs: the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3), the 1.25% May-34 OAT (ISIN: FR0013313582), the 1.25% May-38 OAT (ISIN: FR0014009O62) and the 4.00% Apr-60 OAT (ISIN: FR0010870956).