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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Mar 21

  • Slovakia, Belgium, the EU, the Netherlands, Germany, and Italy are due to bonds next week. We look for an estimated E24.7bln of gross nominal issuance, down from E27.6bln this week.
  • The week ahead sees redemptions from Latvia, Lithuania, Luxembourg and Slovenia totalling E2.9bln, and coupons payments of E0.8bln.
  • With estimated gross nominal issuance of E24.7bln, net flows for next week are estimated at positive E21.0bln (following negative flows of positive E15.9bln this week).
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Week Ahead Supply:

  • The EU will be holding an EU-bond syndication this week with NGEU and SURE bonds likely on offer.
  • Slovakia will kick off issuance for the week on Monday, with E290mln of SlovGBs on offer: E100mln of the 0% Jun-24 SlovGB (ISIN: SK4000017398), E39.2mln of the 1.00% Oct-30 SlovGB ( ISIN: SK4000017059 ), E100mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E50mln of the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
  • Belgium will also sell bonds on Monday morning, reopening a combined E2.3-3.1bln of the 0.90% Jun-29 OLO (ISIN: BE0000347568), 0.35% Jun-32 OLO ( ISIN: BE0000354630 ) and 0.40% Jun-40 OLO ISIN: BE0000350596).
  • On Tuesday the Netherlands will come to the market with E1.5-2.5bln of the 0.75% Jul-28 DSL (ISIN: NL0012818504) on offer.
  • Germany will also come to the market on Tuesday morning to sell E4.0bln of the 0% Apr-27 Bobl (ISIN: DE0001141851).
  • Italy will conclude Eurozone bond issuance for the week on Friday. Auction details will be announced on Tuesday but we would expect a reopening of the 0% Jan-24 BTP Short Term alongside a BTPei.

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