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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C May 22

  • The EU, Germany, Italy and potentially Portugal all look to issue in the W/C 22 May. We pencil in gross nominal issuance of E20.5bln from announced operations, down from E33.1bln this week.
  • Next week sees institutional redemptions of E47.6bln (E5.4bln of institutional funds held in a formerly 6-year BTP Italia, E5.0bln of a formerly 10-year EFSF-bond and E36.8bln of a formerly 10-year OAT).
  • Coupons for the week total E11.8bln (E10.4b Spanish and E0.9bln Italian).
  • With estimated gross nominal issuance of E20.5bln in the week, we look for net flows of negative E42.1bln in the week versus negative E4.9bln 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:


Week Ahead Supply

  • The EU will kick off auctions on Monday with up to E5bln of 5/11-year EU-bonds on offer: Up to E2.5bln each of the 0% Oct-28 EU-bond (ISIN: EU000A3KWCF4) and the 3.25% Jul-34 EU-bond (ISIN: EU000A3K4D41).
  • Belgium’s auction that was scheduled for Monday 22 May has been cancelled due to the 20-year 3.45% Jun-43 OLO syndication that was held on Tuesday 9 May.
  • The Netherlands will look to kick off Tuesday’s auctions, with E2.0-2.5bln of the 5-year 0.75% Jul-28 DSL (ISIN: NL0012818504) on offer.
  • Later on Tuesday, Germany will look to sell E6bln of the 2.80% Jun-25 Schatz (ISIN: DE000BU22015).
  • Germany will return to the market on Wednesday to hold a 15-year Bund auction: E1.5bln of the 1.00% May-38 Bund (ISIN: DE0001102598) will be on offer alongside E1.0bln of the 4.75% Jul-40 Bund (ISIN: DE0001135366).
  • On Thursday, Italy will come to the market to hold a BTP-ST/BTPei auction. We pencil in a reopening of the 3.40% Mar25 BTP Short Term (ISIN: IT0005534281) alongside either the 1.50% May-29 BTPei (ISIN: IT0005543803) or the 0.10% May-33 BTPei (ISIN: IT0005482994).

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