MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C May 29

• Italy, Germany, Spain, France and Belgium all look to issue in the week ahead. We pencil in gross nominal issuance of E32.2bln from announced operations, up from E21.9bln this week.
• Next week sees no redemptions and coupons of E2.0bln (of which E1.7bln are Italian). With estimated gross nominal issuance of E32.1bln in the week, we look for net flows of positive E30.2bln in the week in contrast to the negative E40.7bln this week.

For more see the full PDF here:

EZ230529.pdf

Week Ahead Supply

• Italy will kick off issuance for the week on Tuesday with a 5/10-year BTP/CCTeu auction of up to E11bln. On offer will be: E4.5-5bln of the new on-the-run 3.80% Aug-28 BTP (ISIN TBA), E2-2.5bln of the on-the-run 4.35% Nov-33 BTP (ISIN: IT0005544082), E1.5-2bln of the 4.4% May-33 BTP (ISIN: IT0005518128) and E1-1.5bln of the 0.80% Oct-28 CCTeu (ISIN: IT0005534984).
• Germany will then conclude issuance for May on Wednesday with E3bln of the 7-year 2.10% Nov-29 Bund (ISIN: DE0001102622) on offer.
• Spain will kick off June issuance on Thursday with a Bono/Olbi/ObliEi auction. On offer will be the 2.80% May-26 Bono (ISIN: ES0000012L29), the 0.80% Jul-29 Obli (ISIN: ES0000012K53), the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46). The auction size is expected to be confirmed on Monday.
• Also Thursday, France will come to the market to sell E9.5-11bln of LT OATs: the 3.00% May-33 OAT (ISIN:FR001400H7V7), the 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 3.00% May-54 OAT (ISIN: FR001400FTH3).
• Belgium will conclude issuance for the week on Friday with an ORI operation. We look for E500mln to be sold, with the OLOs on offer to be confirmed on Thursday.