MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Oct 9

• The EU, Germany and Italy are due to issue in the week ahead. We pencil in gross nominal issuance of E17.6bln.
• The week ahead sees a single redemption of a German Bobl for E18.5bln with coupon payments of just E0.2bln in the week.
• This leaves net flows for the week close to flat at an estimated negative E1.1bln, versus positive E7.9bln (excluding retail) this week.

EZ231009.pdf

Week Ahead Supply

• The EU is scheduled to hold a syndication in the week ahead. We expect the transaction to take place on Tuesday.
• Germany will come to the market on Tuesday to hold the last Index-Linked Bund auction of the year. On offer will be E400mln of the 10-year 0.10% Apr-33 ILB (ISIN: DE0001030583) and E200mln of the 23-year 0.10% Apr-46 ILB (ISIN: DE0001030575).
• Germany will return to the market on Wednesday to hold a 30-year Bund auction. E1.0bln of the 1.25% Aug-48 Bund (ISIN: DE0001102432) will be on offer alongside E1.5bln of the 0% Aug-52 Bund (ISIN: DE0001102572).
• Italy will come to the market on Thursday. We look for reopenings of the on-the-run 3-year 3.85% Sep-26 BTP (ISIN: IT0005556011), the on-the-run 7-year 4.00% Nov-30 BTP (ISIN: IT0005561888) alongside another 15-50-year BTP. Details will be announced on Monday.