Free Trial

MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Jan 31

  • Germany, Spain, France and Belgium are all scheduled to sell bonds next week. We look for E23.1bln of gross nominal issuance, down from E27.4bln this week.
  • The week ahead sees a E23.2bln Spanish redemption, USD1.5bln of a Lithuanian bond and E3.0 bln EFSF bond all due to mature. Coupons for the week at estimated at E11.0bln.
  • With estimated gross nominal issuance of E23.1bln, that leaves net flows for the week at negative E15.4bln (from positive E26.9bln this week).
Full document:

EZ220131.pdf

Week Ahead Supply:

  • Germany will kick off issuance on Tuesday with E6bln of its new 0% Mar-24 Schatz on offer.
  • Spain will then come to the market on Thursday. A new 3-year 0% May-25 Bono will be launched, alongside a reopening of the benchmark 10-year 0.70% Apr-32 Obli, the 15-year 4.20% Jan-37 Obli and the 0.65% Nov-27 Obli-Ei. Auction amounts will be announced Monday.
  • Also Thursday, France will come to the market to sell E10.5-11.5bln of LT / Green OATs on offer: the off-the-run 0% Nov-30 OAT, the 10-year 0% May-32 OAT, the 30-year 0.75% May-53 OAT and the 0.50% Jun-44 Green OAT.
  • Belgium will look to conclude issuance on Friday with E500mln available through an ORI operation, with details to be confirmed Thursday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.