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

The Netherlands, Austria, Germany and Portugal are due to hold auctions next week but we also see potential syndications from Belgium, France, Italy and Spain.

HomepageGlobal IssuanceGlobal Issuance - EurozoneMarkets
  • The Netherlands, Austria, Germany and Portugal are the only countries with auctions in the calendar for next week.
  • However, we expect a pickup in syndications next week with potential transactions from Belgium, France, Italy and Spain.
  • If we were to see all of these deals we could see gross issuance as high as E34.4bln, with scheduled auctions making up E13.4bln. Either way, we would look for gross nominal issuance of less than this week’s E43.8bln.
  • The upcoming week sees two redemptions totalling E3.1bln with the majority (E3.0bln) from a formerly 3-year ESM-bond. Coupons total just E0.1bln.
  • With potential gross nominal issuance of up to E34.4bln next week, we look for net flows of positive E31.2bln in the week ahead, up from this week’s positive E8.0bln.

For more see the full PDF here:

EZ230206.pdf

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  • The Netherlands, Austria, Germany and Portugal are the only countries with auctions in the calendar for next week.
  • However, we expect a pickup in syndications next week with potential transactions from Belgium, France, Italy and Spain.
  • If we were to see all of these deals we could see gross issuance as high as E34.4bln, with scheduled auctions making up E13.4bln. Either way, we would look for gross nominal issuance of less than this week’s E43.8bln.
  • The upcoming week sees two redemptions totalling E3.1bln with the majority (E3.0bln) from a formerly 3-year ESM-bond. Coupons total just E0.1bln.
  • With potential gross nominal issuance of up to E34.4bln next week, we look for net flows of positive E31.2bln in the week ahead, up from this week’s positive E8.0bln.

For more see the full PDF here:

EZ230206.pdf

Keep reading...Show less