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

  • Next week will see issuance from Belgium, the Netherlands, Germany and Italy (and an outside chance of Portugal). MNI estimates gross issuance for the week at E10.9bln, down from this week's E16.6bln.
  • There are no redemptions and E2.4bln of coupons in the upcoming week (E1.5bln of which are French), so we look for net nominal flows for the week of positive E8.5bln vs this week's positive E15.9bln.
  • For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document.
Full document:


Week Ahead Supply:

  • Belgium will kick off issuance on Monday with E2.4-3.2bln of 10/20/50-year OLOs on offer: the 1.00% Jun-31 OLO, the 0.40% Jun-40 OLO and the 0.65% Jun-71 OLO.
  • The Netherlands will come to the market Tuesday to sell E2-3bln of the 7-year 0% Jan-29 DSL.
  • On Wednesday, Germany will look to sell E2bln of the 15-year 0% May-36 Bund.
  • Portugal could also potentially come to the market on Wednesday with an exchange auction more likely than an outright auction.
  • Italy will conclude issuance for the week with a BTP Short Term / BTPei auction on Thursday with details to be announced Monday.

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