MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Jan 10

• The Netherlands, Austria, Germany and Italy are all scheduled to hold auctions next week. From auctions we look for gross nominal issuance of E15.7bln for the week.
• The EFSF has put out an RFP so we would expect a Monday transaction there, we also look out for potential syndications either next week or the week after from Belgium, Ireland, Spain, France and Greece.
• There are no notable redemptions or coupon payments in the week ahead.
• This leaves estimated net nominal issuance at E15.7bln for the week (which will increase with syndications). This is up from the E6.4bln net nominal issuance seen this week.

EZ220110.pdf

Week Ahead Supply:

• The Netherlands will kick off next week’s auctions on Tuesday morning with a new 4-year 0% Jan-26 DSL to be launched via conventional MTS auction for E3-5bln. We expect the top of the range to be achieved.
• Austria will then come to the market with up to E1.495bln available across its 10/30-year RAGBs: the 0% Feb-31 RAGB and the 0% Mar-51 RAGB.
• Germany will conclude Tuesday’s issuance with E750mln of the 0.10% Apr-33 Index-Linked Bund available.
• Germany will return to the market on Tuesday to sell E1.5bln of the 30-year 0% Aug-52 Bund.
• On Thursday, Italy will look to sell 3/7/15+ BTPs with details to be announced on Monday. For the 3/7-year BTPs we expect reopenings of the 0% Dec-24 BTP and the 0.40% Feb-29 BTP.