MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Oct 18

Executive Summary

• Slovakia, Finland, Germany, Spain and France are all due to sell bonds next week. We estimate gross nominal issuance for the week at E18.6bln, down from this week's E29.7bln.
• There are no redemptions in the week ahead and E1.8bln of coupons due.
• With estimated gross nominal issuance of E18.6bln, this would leave net nominal flows for the week at E16.8bln, up a little from E14.6bln this week.
• 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:

EZ181021.pdf

Week Ahead Supply:

• Slovakia is due to kick off issuance for the week on Monday with E300mln of 3/9/15-year SlovGBs. E100mln of each of the 0% Jun-24 SlovGB, the 1.00% Oct-30 SlovGB and the 0.375% Apr-36 SlovGB will be on offer.
• Finland will look to sell up to E1.0bln of the 10-year 0.125% Sep-31 RFGB on Tuesday.
• On Wednesday, Germany will reopen the 0% Aug-31 Green Bund for E3bln.
• Spain will come to the market on Thursday with the new 5-year 0% Jan-27 Bono and the 15-year 0.85% Jul-37 Obli on offer. Issuance volumes will be announced Monday.
• France will look to sell E6.5-7.5bln of MT OATs: the 0% Mar-23 OAT, the 1.00% Nov-25 OAT and the 0.50% May-26 OAT.
• France will then look to sell E1.25-1.75bln of linkers: the 0.10% Mar-26 OATei, the 0.10% Mar-32 OATi and the 0.10% Jul-47 OATei.