MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C May 8

• The EU, Austria, Germany and Italy all look to issue in the upcoming week. We pencil in gross nominal issuance of E23.7bln from announced operations, up from last week’s E21.7bln.
• The upcoming week sees redemptions totalling just E0.4bln and coupons for the week total E0.2bln.
• We look for net flows of positive E23.2bln in the week, almost reversing the negative E25.5bln seen last week.

EZ230508.pdf

Week Ahead Supply

• The EU is scheduled to hold a syndication in the upcoming week.
• Austria will kick off auctions for the week on Tuesday 9 May with a combined E1.725bln of 10/20-year RAGBs on offer: the 2.90% Feb-33 RAGB (ISIN: AT0000A324S8) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6).
• Also on Tuesday 9 May, Germany will look to sell E5bln of the 2.20% Apr-28 Bobl (ISIN: DE000BU25000).
• Wednesday 10 May will see Germany return to the market to hold a 30-year Bund auction with E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) on offer alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
• On Thursday 11 May, Italy will look to hold a 3/7/15-50-year BTP auction. We look for reopenings of the 3-year 3.80% Apr-26 BTP (ISIN: IT0005538597) and the 3.70% Jun-30 BTP (ISIN: IT0005542797) but we have less conviction on which 15-50-year BTPs will be on offer. The details of the BTPs on offer will be announced on Monday 8 May.