MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Jan 15

• Slovakia, Germany, Greece, Spain and France all look to hold auctions in the week ahead while we pencil in possible syndications from Austria or Greece (but see both as more likely the following week). We pencil in estimated gross issuance for the week at E26.3bln, down from the record E67.4bln this week.
• The week ahead sees heavy redemptions of E33.7bln (E14.4bln of a formerly 3-year BTP, E15.3bln of a formerly 6-year DSL and E4.0bln of a formerly 5-year EFSF-bond.
• Coupon payments for the week total E4.6bln (E3.7bln Dutch, E0.7bln Italian).
• This leaves net flows for the week at an estimated negative E12.1bln, versus positive E66.8bln this week.

For more see the full including an overview of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here:

EZ240115.pdf

Supply Next Week

• Slovakia will look to kick off issuance for the week on Monday with a SlovGB auction. On offer will be the 3-year 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 9-year 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 13-year 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and the 30-year 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
• On Tuesday, Germany will look to sell E4bln of the new Apr-29 Bobl (ISIN: DE000BU25026). The coupon will be confirmed on Monday.
• Greece will look to hold an auction on Wednesday, with details due to be announced the preceding day.
• Wednesday will also see Germany hold a 30-year Bund auction. On offer will be E1bln of the 0% Aug-52 Bund (ISIN: DE0001102572) alongside E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
• Spain will hold a Bono/Obli auction on Thursday. On offer will be the 2.50% May-27 Bono (ISIN: ES0000012M77), the 1.25% Oct-30 Obli (ISIN: ES0000012G34) and the 3.90% Jul-39 Obli (ISIN: ES0000012L60). As is normal for an auction near a syndication date, we expect it may be a bit smaller than the E5.5-6.5bln target range seen in the early month nominal auction.
• France will then come to the market to hold a MT OAT auction with E10.5-12.0bln on offer. A new 3-year 2.50% Sep-27 OAT will be on offer alongside the 5-year on-the-run 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the off-the-run 0.50% May-29 OAT (ISIN: FR0013407236).
• France will conclude issuance for the week, also on Thursday, with an IL OATs auction with a combined E1.5-2.0bln on offer across the 3.40% Jul-29 OATi (ISIN: FR0000186413), the 0.10% Mar-36 OATi (ISIN: FR0013524014), the 0.60% Jul-34 OATei (ISIN: FR001400JI88) and the 0.10% Jul-38 Green OATei (ISIN: FR001400AQH0).