MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C June 19

• Slovakia, Belgium, Germany and Greece look to issue in the week ahead. We pencil in gross nominal issuance of E12.4bln, down from E47.2bln this week.
• The week sees redemptions totalling E12.8bln (mainly a E12.7bln formerly 10-year Belgian OLO) while coupons for the week are expected to be E5.1bln (of which E4.2bln are Finnish).
• This would leave estimated net flows of negative E5.5bln for the week, down from positive E18.2bln this week.

EZ230619.pdf

Week Ahead Supply

• Slovakia will kick off issuance on Monday, selling 4/9/12/13-year SlovGBs. On offer will be the 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 3.75% Feb-35 SlovGB (ISIN: SK4000022539) and the 0.375% Apr-36 SlovGB (ISIN: SK4000018958).
• Belgium will also come to the market on Monday to sell E3.0-3.5bln 4/10/30-year OLOs: the 0% Oct-27 OLO (ISIN: BE0000351602), the 3.00% Jun-33 OLO (ISIN: BE0000357666) and the 3.30% Jun-54 OLO (ISIN: BE0000358672).
• On Tuesday, Germany will look to sell E5.5bln of the 2.80% Jun-25 Schatz (ISIN: DE000BU22015).
• On Wednesday, Greece will hold a GGB auction, with the bonds on offer to be confirmed the day before the auction.
• Also on Wednesday, Germany will return to the market to sell E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) and E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
• In addition to these auctions, we are likely to receive H2 funding plans from the EU and Q3 funding plans from Germany and the Netherlands.