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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C May 15

  • Slovakia, Finland, France, Germany, Greece and Spain all look to issue in the upcoming week. We pencil in gross nominal issuance of E25.0bln from announced operations.
  • The upcoming week sees redemptions of E34.5bln (E22.5bln of a formerly 10-year Bund and E12.0bln of a formerly 5-year BTPei).
  • Coupons for the week total E3.5bln (E1.7bln Italian, E0.9bln Dutch, E0.8bln German).
  • With estimated gross nominal issuance of E25.0bln in the week, we look for net flows of negative E13.0bln in the week, down from positive E28.2bln this week.
For more see the full PDF including a recap of last week's issuance operations and a look ahead to issuance in two weeks time see:

EZ230515.pdf

Week Ahead Supply

  • Slovakia will kick off auctions on Monday. We will see reopenings of the 4-year 0.125% Jun-27 SlovGB (ISIN: SK4000017380), the 10-year 4.00% Oct-32 SlovGB (ISIN: SK4000021986), the 12-year 3.75% Feb-35 SlovGB (ISIN: SK4000022539) and the 0.375% Apr-36 SlovGB (ISIN: SK4000018958)
  • On Tuesday, Finland will come to the market to sell E1.0-1.5bln of RFGBs. We pencil in a reopening of the 10-year 3.00% Sep-33 RFGB (ISIN: FI4000550249) alongside another RFGB.
  • France will hold its MT OAT auction on Wednesday (a day ahead of its normal Thursday timing due to the Ascension Day holiday) with E10.0-11.0bln on offer of the 2.50% Sep-26 OAT (ISIN: FR001400FYQ4), the 1.00% May-27 OAT (ISIN: FR0013250560) and the 2.75% Feb-29 OAT (ISIN: FR001400HI98).
  • Greece will also come to the market on Wednesday. We don’t have a strong conviction on what will be on offer but note that in April E300mln of the 4.25% Jun-33 GGB (ISIN: GR0124039737) was sold.
  • Germany will then look to sell E4bln of the 10-year 2.30% Feb-33 Bund (ISIN: DE000BU2Z007).
  • France will return to the market later on Wednesday to hold an OATei auction. On offer will be E1.5-2.0bln of the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-36 OATei (ISIN: FR0013327491) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
  • On Thursday, Spain will look to hold a Bono/Olbi auction for E5.5-6.5bln. On offer will be the 0% May-25 Bono (ISIN: ES0000012K38), the 0% Jan-27 Bono (ISIN: ES0000012J15), the 1.40% Jul-28 Obli (ISIN: ES0000012B88) and the 3.45% Jul-43 Obli (ISIN: ES0000012K95).
Global IssuanceGlobal Issuance - EurozoneMarkets
Global IssuanceGlobal Issuance - EurozoneMarkets

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