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

  • The Netherlands, Italy, Germany, Spain and France all look to issue next week. We pencil in gross nominal issuance of E37.8bln next week, up from this week’s E15.7bln.
  • The upcoming week sees a E15.0bln redemption of a formerly 7-year BTP and coupon payments of E4.6bln (of which E2.7bln are Italian and E1.1bln Belgian).
  • With estimated gross nominal issuance of E37.8bln next week, we look for net flows of positive E18.1bln in the week ahead, compared to this week’s negative E0.4bln.
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Week Ahead Supply

  • The Netherlands will kick off next week’s issuance with E1.5-2.0bln of the 0.75% Jul-27 DSL (ISIN: NL0012171458) on offer on Tuesday morning.
  • Also Tuesday, Italy will look to launch a new 3-year BTP as well as sell on-the-run 7/50-year BTPs and the 2035 Green BTP: E3.5-4.0bln of the new 3.80% Apr-26 BTP (ISIN: IT0005538597), E2.5-3.0bln of the 3.85% Dec-29 BTP (ISIN: IT0005519787), E1.5-2.0bln of the 4.00% Apr-35 BTP Green (ISIN: IT0005508590) and E500-750mln of the 2.15% Mar-72 BTP (ISIN: IT0005441883).
  • Finally on Tuesday, Germany will look to sell E5bln of the 2.20% Apr-28 Bobl (ISIN: DE000BU25000).
  • On Wednesday, Germany will return to the market for a 30-year Bund auction. On offer will be E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) and E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
  • On Thursday, Spain will look to sell the 0% Jan-28 Obli (ISIN: ES0000012I08), the 3.15% Apr-33 Obli (ISIN: ES0000012L52) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46). The auction size will be announced on Monday.
  • France will then look to sell E10.5-12.0bln of MT OATs. On offer will be the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 0.75% Feb-28 OAT (ISIN: FR001400AIN5) and the 0% Nov-30 OAT (ISIN: FR0013516549).
  • France will conclude bond issuance for the week later on Thursday with E1.0-1.5bln of I/L OATs on offer: the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-53 OATei (ISIN: FR0014008181) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).

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