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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Mar 20

  • Slovakia, the EU, Belgium, Germany and Finland all look to issue next week. We also potentially look for an Austrian syndication. We pencil in gross nominal issuance of E16.0bln from auctions next week, down from this week’s E41.7bln.
  • The upcoming week sees a E7.0bln redemption of a formerly 10-year Irish government bond and coupon payments of E1.1bln.
  • With estimated gross nominal issuance of E16.0bln next week, we look for net flows of positive E7.9bln in the week ahead, down from this week’s positive E22.1bln.

For more see the full PDF here:

EZ230320.pdf

Week Ahead Supply

  • Slovakia will kick off next week’s issuance with 2/4/10/12-year SlovGBs on offer: the 0.25% May-25 SlovGB (ISIN: SK4000017158), the 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 4.00% Oct-32 SlovGB (ISIN: SK4000021986) and the 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
  • The EU will then hold an auction to sell up to E2bln of the 2.00% Oct-27 EU-bond (ISIN: EU000A3K4DS6) and up to E2bln of the 1.00% Jul-32 EU-bond (ISIN: EU000A3K4DD8).
  • Belgium will look to conclude Monday’s issuance with a combined E2.9-3.9bln on offer: the 0.80% Jun-27 OLO (ISIN: BE0000341504), the 3.00% Jun-33 OLO (ISIN: BE0000357666) and the 2.75% Apr-39 Green OLO (ISIN: BE0000356650).
  • On Tuesday, Germany will look to sell E1.5bln of the 1.30% Oct-27 Green Bobl (ISIN: DE0001030740).
  • Also Tuesday, Finland will look to sell 5/15-year RFGBs: up to E1.0bln of the 0.50% Sep-28 RFGB (ISIN: FI4000348727) and up to E500mln of the 0.125% Apr-36 RFGB (ISIN: FI4000415153).
  • On Wednesday, Germany will look to sell E5bln of the 2.30% Feb-33 Bund (ISIN: DE000BU2Z007).
  • If market conditions allow, there is the potential for an Austrian syndication either in the upcoming week or the following week.
  • Next week we might also start to receive some updated issuance plans regarding Q2 issuance.
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