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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C June 12

  • The EU, the Netherlands, Italy, Austria, Germany, Spain, France, Finland and potentially Portugal all look to issue next week. We pencil in gross nominal issuance of E44.1bln, down from E30.6bln this week.
  • Next week sees redemptions totalling E28.3bln (E12.3bln of a formerly 3-year BTP and E16.0bln of Schatz) while coupons for the week are expected to be E0.7bln. With estimated nominal issuance of E44.1bln, this would leave estimated net flows of positive E15.1bln for the week.

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Week Ahead Supply:

  • The EU is due to kick off issuance on Monday with an EU-bond auction. On offer will be up to E2.25bln of each of the 2.00% Oct-27 EU-bond (ISIN: EU000A3K4DS6) and the 3.375% Oct-38 EU-bond (ISIN: EU000A3K4D74).
  • The Netherlands will kick off Tuesday’s issuance with E1.5-2.5bln of the on-the-run 10-year 2.50% Jul-33 DSL (ISIN: NL0015001AM2) on offer.
  • Italy will then hold a 3/7/30 year BTP auction for up to E7.5bln. On offer will be: E2.5-2.75bln of the 3.80% Apr-26 BTP (ISIN: IT0005538597), E2.75-3.25bln of the 3.7% Jun-30 BTP (ISIN: IT0005542797) and E1.25-1.5bln of the 4.50% Oct-53 BTP (ISIN: IT0005534141).
  • Also on Tuesday, Germany will look to sell E5bln of the new Oct-28 Bobl (ISIN: DE000BU25018). The coupon will be announced the day before.
  • Finland will conclude Tuesday’s issuance with an auction for up to E1.5bln due. On offer will be E1.0bln of the 3.00% Sep-33 RFGB (ISIN: FI4000550249) and E0.5bln of the 0.125% Apr-36 RFGB (ISIN: FI4000415153).
  • Germany will return to the market on Wednesday 14 June with E4bln of the 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007) on offer.
  • Wednesday will also potentially see Portugal hold an outright or exchange auction though there have been no announcements to this effect as of June 9th.
  • Thursday will see Spain come to the market to sell M-T/L-T Bonos/Oblis: 2.80% May-26 (ISIN: ES0000012L29), 5.15% Oct-28 (ISIN: ES00000124C5), and 3.90% Jul-39 (ISIN: ES0000012L60). Sizes will be announced in the week of the auction.
  • On Thursday France will hold a MT OAT auction. On offer will be a combined E11-12bln of OATs: the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 0.75% Nov-28 OAT (ISIN: FR0013341682) and the 2.75% Feb-29 OAT (ISIN: FR001400HI98).
  • France will then return to the market later in the morning to hold an IL OAT auction, to sell a combined E1-1.5bln of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-31 OATei (ISIN: FR0014001N38) and the 0.10% Jul-53 OATei (ISIN: FR0014008181.
  • Finland will conclude issuance for the week on Thursday with an ORI Facility operation. Details will be announced on Tuesday.

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