MNI BRIEF: Trump Likely To Let Powell Serve Full Term-Moore

MNI BRIEF: Canada Household Debt Tops $3 Trillion In 3Q

MNI BRIEF: Trump Likely To Allow Powell To Serve Term - Moore

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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

  • Germany, Spain, France and Belgium all look to issue in the week ahead. We pencil in gross nominal issuance of E18.0bln, down from E24.0bln this week.
  • The week ahead sees large redemptions totalling E45.7bln, split between E21.2bln from a formerly 5-year Spanish Bono, E20.5bln from an originally 15-year BTP and E4.0bln of an originally 5-year ESM-bond.
  • Coupon payments for the week total E13.9bln, of which E9.4bln are Austrian and E4.4bln Italian.
  • This leaves net flows for the week at an estimated negative E41.6bln, more negative than the negative E8.4bln this week.
For more see the full PDF here:

EZ230731.pdf

Week Ahead Supply

  • Germany will kick off issuance for both the week and August on Wednesday, selling 15-year Bunds: E750mln of the previous benchmark, the 0% May-36 Bund (ISIN: DE0001102549), will be on offer alongside E1.25bln of the on-the-run 1.00% May-38 Bund (ISIN: DE0001102598).
  • On Thursday, Spain will look to hold an Obli/ObliEi auction. On offer will be the 1.50% Apr-27 Obli (ISIN: ES00000128P8), the 0.60% Oct-29 Obli (ISIN: ES0000012F43) and the on-the-run 10-year 3.55% Oct-33 Obli (ISIN: ES0000012L78) alongside the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2). We pencil in a E5-6bln auction size (to be announced Monday), although wouldn’t rule out either slightly larger in line with recent auctions, or slightly smaller as we move into August.
    • Note that as we flagged as likely, the auction for 17 August has been cancelled.
  • Also Thursday, France will come to the market to hold a LT OAT auction. As we expected, the auction size of E8-9bln is a bit smaller than we have seen recently (France typically reduces its auction sizes in August), although it’s not as much of a reduction as has been seen in other years. On offer will be the on-the-run 10-year 3.00% May-33 OAT (ISIN: FR001400H7V7), the on-the-run 15-year 1.25% May-38 OAT (ISIN: FR0014009O62) and the 37-year 4.00% Apr-60 OAT (ISIN: FR0010870956).
  • On Friday, Belgium will hold an ORI operation. We look for the usual up to E500mln size with off-the-run OLOs likely to be on offer.
HomepageGlobal IssuanceGlobal Issuance - EurozoneMarkets
HomepageGlobal IssuanceGlobal Issuance - EurozoneMarkets

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.