MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Sep 19

• The ESM, Slovakia, Finland and Germany will all look to come to the market next week, with a potential for a Slovenian syndication (and other syndications).
• We look for estimated gross nominal issuance of E8.9bln from announced operations, down significantly from this week’s E47.2bln.
• The upcoming week will see redemptions of E7.0bln with a formerly 5-year RAGB due to mature. There will also be E0.2bln of coupon payments due.
• With estimated gross issuance of E8.9bln, MNI estimates net nominal issuance of positive E1.7bln next week, down from this week’s positive E7.7bln.

Full document:

EZ220919.pdf

Week Ahead Supply:

• The ESM has issued an RFP for a potential transaction in the upcoming week. We would expect the mandate to be announced on Monday with the transaction on Tuesday.
• Slovakia will kick off auction issuance for the week with E362.6mln of 2/7/15/30-year SlovGBs on offer: E100mln of the 0% Jun-24 SlovGB (ISIN: SK4000017398), E62.6mln of the 0.75% Apr-30 SlovGB (ISIN: SK4120015173), E100mln of the 0.375% Apr-36 SlovGB (ISIN: SK4000018958) and E100mln of the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
• Belgium’s auction originally scheduled for Monday was cancelled in light of this week’s new Green OLO syndication.
• On Tuesday, Finland will look to issue up to E1.5bln of the 10-year 1.50% Sep-32 RFGB (ISIN: FI4000523238)
• On Wednesday, Germany will look to sell E4bln of the 10-year 1.70% Aug-32 Bund (ISIN: DE0001102606).