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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Oct 17

  • The ESM, Slovakia, Germany, Finland, Spain and France will all look to issue bonds in the upcoming week. We look for estimated gross nominal issuance of E23.6bln from announced operations, down from this week’s E37.8bln.
  • The upcoming week will see redemptions from Portugal, Ireland and the ESM totalling E18.7bln.
  • Coupon payments will be E2.6bln (of which E1.1bln are Portuguese).
  • MNI estimates net nominal issuance of positive E2.3bln in the week ahead, down from this week’s positive E37.5bln.

Full document:

EZ221017.pdf

Week Ahead Supply:

  • The ESM has issued an RFP for an “upcoming” transaction. We expect a E2bln WNG size which would complete the ESM’s funding needs for 2022, and look for the transaction to take place on Tuesday.
  • Slovakia will kick off auctions for the week on Monday with 3/6/15/25-year SlovGBs on offer: E100mln of the 0.25% May-25 SlovGB (ISIN: SK4000017158), E75.5mln of the 1.00% Jun-28 SlovGB (ISIN: SK4120014150), E150mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E100mln of the 2.00% Oct-47 SlovGB (ISIN: SK4120013400).
  • On Tuesday, Germany will look to launch new 7-year Nov-29 Bund (ISIN: DE0001102622) for E4bln.
  • Also Tuesday, Finland will look to sell 10/30-year RFGBs: E1bln of the 1.50% Sep-32 RFGB (ISIN: FI4000523238) and E500mln of the 0.125% Apr-52 RFGB (ISIN: FI4000480488).
  • Spain will come to the market on Thursday to issue the on-the-run 3-year 0% May-25 Bono (ISIN: ES0000012K38), the 4-year 1.95% Apr-26 Obli (ISIN: ES00000127Z9) and the on-the-run 7-year 0.80% Jul-29 Obli (ISIN: ES0000012K53).
  • France will then look to sell E9-10bln of MT OATs: the 0% Feb-25 OAT (ISIN: FR0014007TY9), the 0.50% May-26 OAT (ISIN: FR0013131877) and the 0.75% Feb-28 OAT (ISIN: FR001400AIN5).
  • France will then conclude the week by selling E1.0-1.5bln of linkers. On offer will be the 0.10% Mar-36 OATi (ISIN: FR0013524014), Shared of the 0.10% Jul-36 OATei (ISIN: FR0013327491) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).
  • Other potential upcoming syndications: Greece (possibly FRN) and Italy.
Global IssuanceGlobal Issuance - EurozoneMarkets
Global IssuanceGlobal Issuance - EurozoneMarkets

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