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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Nov 28

Italy, the EU, the Netherlands, Germany, Spain and France will all look to issue bonds in the upcoming week. We look for estimated gross nominal issuance of E21.8bln from announced operations (excluding the Italian exchange), up from this week’s E7.3bln.

  • Italy, the EU, the Netherlands, Germany, Spain and France will all look to issue bonds in the upcoming week. We look for estimated gross nominal issuance of E21.8bln from announced operations (excluding the Italian exchange), up from this week’s E7.3bln.
  • The upcoming week will see a E15.1bln redemption of a BTP Short Term and coupon payments of E4.2bln (E2.3bln Spanish and E1.7bln Italian).
  • MNI estimates net nominal issuance of positive E0.2bln in the week ahead, up from this week’s negative E5.8bln.

Week Ahead Supply:

  • Italy will hold an exchange auction on Monday for up to E5bln. It will look to launch the new 5-year Apr-28 BTP (ISIN: TBC). In exchange, it will buyback the 0% Jul-23 CCTeu (ISIN: IT0005185456), the 0.65% Oct-23 BTP (ISIN: IT0005215246), the 0% Nov-23 BTP Short Term (ISIN: IT0005482309), the 0% Dec-23 CCTeu (ISIN: IT0005399230) and the 0.95% Apr-25 CCTeu (ISIN: IT0005311508).
  • Also Monday, the EU will hold its final auction of 2022 with up to E2.5bln of the 2.00% Oct-27 EU NGEU (ISIN: EU000A3K4DS6) and up to E1.0bln of the 1.25% Feb-43 Green EU (ISIN: EU000A3K4DG1) on offer.
  • On Tuesday, the Netherlands will look to sell E1.0-1.5bln of the 0% Jul-31 DSL (ISIN: NL00150006U0) in an auction that was added to the schedule this week due to additional funding needs.
  • Also Tuesday, Italy will return to the market with E2.5-3.0bln of the 10-year 4.40% May-33 BTP (ISIN: IT0005518128) and E0.75-1.25bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250) on offer.
  • Germany will conclude November issuance on Wednesday with E3bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606) on offer.
  • Spain will come to the market on Thursday with the 1.45% Oct-27 Obli (ISIN: ES0000012A89), the 0.10% Apr-31 Obli (ISIN: ES0000012H41) and the 0.85% Jul-37 Obli (ISIN: ES0000012I24) on offer. The amount on offer will be confirmed on Monday.
  • France will hold its final OAT auction of the year with a combined E5-6bln on offer of the 0% Nov-31 OAT (ISIN: FR0014002WK3), the 0.50% May-40 OAT (ISIN: FR0013515806), the 3.25% May-45 OAT (ISIN: FR0011461037) and the 0.75% May-52 OAT (ISIN: FR0013480613).
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  • Italy, the EU, the Netherlands, Germany, Spain and France will all look to issue bonds in the upcoming week. We look for estimated gross nominal issuance of E21.8bln from announced operations (excluding the Italian exchange), up from this week’s E7.3bln.
  • The upcoming week will see a E15.1bln redemption of a BTP Short Term and coupon payments of E4.2bln (E2.3bln Spanish and E1.7bln Italian).
  • MNI estimates net nominal issuance of positive E0.2bln in the week ahead, up from this week’s negative E5.8bln.

Week Ahead Supply:

  • Italy will hold an exchange auction on Monday for up to E5bln. It will look to launch the new 5-year Apr-28 BTP (ISIN: TBC). In exchange, it will buyback the 0% Jul-23 CCTeu (ISIN: IT0005185456), the 0.65% Oct-23 BTP (ISIN: IT0005215246), the 0% Nov-23 BTP Short Term (ISIN: IT0005482309), the 0% Dec-23 CCTeu (ISIN: IT0005399230) and the 0.95% Apr-25 CCTeu (ISIN: IT0005311508).
  • Also Monday, the EU will hold its final auction of 2022 with up to E2.5bln of the 2.00% Oct-27 EU NGEU (ISIN: EU000A3K4DS6) and up to E1.0bln of the 1.25% Feb-43 Green EU (ISIN: EU000A3K4DG1) on offer.
  • On Tuesday, the Netherlands will look to sell E1.0-1.5bln of the 0% Jul-31 DSL (ISIN: NL00150006U0) in an auction that was added to the schedule this week due to additional funding needs.
  • Also Tuesday, Italy will return to the market with E2.5-3.0bln of the 10-year 4.40% May-33 BTP (ISIN: IT0005518128) and E0.75-1.25bln of the 0.75% Oct-30 CCTeu (ISIN: IT0005491250) on offer.
  • Germany will conclude November issuance on Wednesday with E3bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606) on offer.
  • Spain will come to the market on Thursday with the 1.45% Oct-27 Obli (ISIN: ES0000012A89), the 0.10% Apr-31 Obli (ISIN: ES0000012H41) and the 0.85% Jul-37 Obli (ISIN: ES0000012I24) on offer. The amount on offer will be confirmed on Monday.
  • France will hold its final OAT auction of the year with a combined E5-6bln on offer of the 0% Nov-31 OAT (ISIN: FR0014002WK3), the 0.50% May-40 OAT (ISIN: FR0013515806), the 3.25% May-45 OAT (ISIN: FR0011461037) and the 0.75% May-52 OAT (ISIN: FR0013480613).