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

Executive Summary:

• Next week will see issuance from the Netherlands, Germany, Portugal, Italy and Ireland. MNI estimates gross issuance for the week at E20.3bln (excluding the retail only BTP Futura), down from this week's E20.0bln.
• There are only negligible redemptions and coupons in the upcoming week, so we look for we look for net nominal flows for the week of positive E20.3bln vs this week's negative E31.4bln.
• 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.

EZ081121.pdf

Week Ahead Supply:

• The Netherlands will kick off issuance for the week on Tuesday with the first reopening of the 0% Jan-38 DSL via auction, after its syndicated launch in April. E1.5-2.5bln will be on offer.
• Also on Tuesday, Germany will launch a new Schatz for E6bln which matures in Dec-23 and has a coupon of 0%.
• On Wednesday, Germany will return to the market to reopen the 10-year 0% Aug-31 Bund for E3bln.
• Also Wednesday, Portugal will come to the market to offer a combined E0.75-1.00bln of the 10-year 0.30% Oct-31 OT and the 15-year 4.10% Apr-37 OT.
• Thursday will see Italy come to the market to sell MT/LT bonds with details to be confirmed Monday.
• Ireland will also come to the market Thursday next week with details also due Monday.