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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Jun 13

  • The Netherlands, Italy, Germany, Finland, Spain and France are all due to sell bonds next week. We look for estimated gross nominal issuance of E35.7bln, up from the E14.9bln sold this week.
  • A E14.1bln Italian CCT-eu is the only redemption due next week while coupon payments will total E0.5bln.
  • This leaves estimated net flows for the week at positive E21.1bln (from the negative E3.1bln this week).
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Week Ahead Supply:

  • The Netherlands will kick off issuance on Tuesday as it looks to reopen the 0.50% Jan-40 Green DSL (ISIN: NL0013552060) via DDA for E4-5bln (we assume the top of the target range will be achieved).
  • Also Tuesday, Italy will look to sell up to E6.0bln of 3/7/30-year BTPs: E1.5-2.0bln of the 3-year on-the-run 1.20% Aug-25 BTP (ISIN: IT0005493298), E2.0-2.5bln of the 7-year on-the-run 2.80% Jun-29 BTP (ISIN: IT0005495731) and E1.0-1.5bln shared between 27/30-year BTPs: the off-the-run 3.85% Sep-49 BTP (ISIN: IT0005363111) and the on-the-run 2.15% Sep-52 BTP (ISIN: IT0005480980).
  • Finally on Tuesday, Germany will look to sell E5.5bln of the 0.20% Jun-24 Schatz (ISIN: DE0001104883).
  • On Wednesday, Finland will look to come to the market to sell E1.0-1.5bln of an RFGB with details yet to be confirmed.
  • On Thursday Spain will look to reopen the on-the-run 5-year Bono, an off-the-run Obli with an 8-year residual maturity and the on-the-run 15-year Obli: the 0% Jan-27 Bono (ISIN: ES0000012J15), the 1.95% Jul-30 Obli (ISIN: ES00000127A2) and the 0.85% Jul-37 Obli (ISIN: ES0000012I24). The target range will be announced on Monday.
  • Also Thursday, France will look to sell E10.5-11.5bln of MT OATs: the 0% Feb-25 OAT (ISIN: FR0014007TY9), the 0.75% Feb-28 OAT (ISIN: FR001400AIN5), the 0.75% Nov-28 OAT (ISIN: FR0013341682) and the 0.50% May-29 OAT (ISIN: FR0013407236).
  • France will return later that day to sell E1.0-1.5bln of linkers. On offer will be the 1.85% Jul-27 OATei (ISIN: FR0011008705), the 0.10% Mar-36 OATi (ISIN: FR0013524014) and the 1.80% Jul-40 OATei (ISIN: FR0010447367).

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