MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Oct 4

Executive Summary:

• The ESM, Austria, Germany, Spain, France and Belgium are all due to issue bonds next week. We look for gross nominal issuance of E24.0bln, slightly up from this week's E22.1bln.
• There will be a single redemption, E21.5bln of the German 0% Oct-21 Bobl. Coupon payments will be minimal (rounding to E0.1bln).
• This leaves our estimate of net nominal cash flows at E2.4bln for the week, down slightly from the E4.9bln seen 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.

EZ031021.pdf

Week Ahead Supply:

• The ESM has issued an RFP for a syndication next week. We look for a E1-2bln size with the transaction taking place on Monday.
• On Tuesday, Austria will look to sell E1.265bln of its 4/10-year benchmark RAGBs: the 0% Apr-25 RAGB and the 0% Feb-31 RAGB.
• Also Tuesday, Germany will look to sell up to E700mln linkers: E500mln of the 0.10% Apr-33 ILB and E200mln of the 0.10% Apr-46 ILB.
• Germany will return to the market Wednesday to sell E4ln of the 0% Oct-26 Bobl.
• On Thursday, Spain will look to sell the 0% Jan-28 Bono, the 0.50% Oct-31 Obli, the 2.70% Oct-48 Obli and the 0.70% Nov-33 Obli-Ei. Amounts will be confirmed Monday.
• Also Thursday, France will look to sell E10-11bln of LT OATs: the 2.50% May-30 OAT, the 0% Nov-31 OAT, the 0.75% May-53 OAT and the 1.75% May-66 OAT.
• Belgium will conclude issuance for the week on Friday with its ORI operation (details will be announced on Thursday).