MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Feb 7

• The EU, Germany, Portugal and Italy are all scheduled to sell bonds this week. We look for E22.5bln of gross nominal issuance, down from E28.6bln last week.
• The week ahead sees negligible coupons and redemptions. With estimated gross nominal issuance of E22.5bln, net flows for the week are estimated at positive E22.4bln (from negative E9.9bln last week).

EZ220207.pdf

Week Ahead Supply:

• The EU is scheduled to hold a syndication this week. We expect the transaction to take place on Tuesday and pencil in the launch of a new 10-year NGEU bond.
• Germany will kick off the week’s auctions, also on Tuesday with E500mln of the 0.10% Apr-26 ILB and E200mln of the 0.10% Apr-46 ILB on offer.
• Germany will return to the market Wednesday to sell E1.50bln of the 30-year 0% Aug-50 Bund.
• Also Wednesday, Portugal will look to sell E1.00-1.25bln of the 7/10-year OTs: the 2.125% Oct-28 OT and the 0.30 Oct-31 OT.
• On Friday, Italy will come to the market to sell 3/7/15+ year BTPs. We expect the 0% Dec-24 BTP and the 0.45% Feb-29 BTP to both be reopened alongside a longer-term BTP.