MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Mar 14

• Germany, Finland, Spain and France are due to sell bonds next week. We look for E27.0bln of gross nominal issuance, up from E14.1bln this week.
• The week ahead sees an Irish redemption of E6.8bln (initially a 7-year bond), coupons payments of E4.9bln (of which E2.6bln are Italian).
• With estimated gross nominal issuance of E27.0bln, net flows for next week are estimated at positive E15.3bln (following negative flows of E0.1bln this week).

EZ220314.pdf

Week Ahead Supply:

• Germany will kick off issuance for the week on Tuesday, with E5.5bln of the 0% Mar-24 Schatz on offer.
• Finland will also come to the market on Tuesday, with E1.0bln of the 10-year 0.125% Sep-31 RFGB on offer.
• On Wednesday, Germany will return to the market to reopen the 10-year 0% Feb-32 Bund, with E4.0bln on offer.
• Spain will come to the market on Thursday to sell the on-the-run 3-year 0% May-25 Bono, the off-the-run 1.40% Jul-28 Obli and the on-the-run 0.70% Apr-32 Obli. Issuance volumes will be announced on Monday.
• France will conclude Eurozone issuance for the week on Thursday with a MT OAT auction followed by a linker auction one hour later. On offer will be E9.0-10.0bln of MT OATs: the 0.50% May-26 OAT, the benchmark 5-year 0% Feb-27 OAT and 0.50% May-29 OATs.
• At the following linker auction, E1.0-1.5bln of OATeis will be on offer: the 10-year 0.10% Jul-31, the 15-year 0.10% Jul-36 and the 30-year 0.10% Jul-53 OATei.