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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Feb 15

Austria, Germany, Spain and France will all come to the market this week. We look for nominal gross issuance of E23.3bln, up from E17.1bln this week.

  • On Tuesday, Austria will kick off EGB supply for the week with E1.38bln of 3/10-year RAGBs on offer: the 0% Jul-24 RAGB and the 0% Feb-31 RAGB.
  • Germany will also come to the market Tuesday to sell linkers: E400mln of the 0.50% Apr-30 ILBE200mln of the 0.10% Apr-46 ILB.
  • Germany will return to the market on Wednesday to sell E3bln of the new 15-year May-36 Bund.
  • On Thursday, Spain will sell 5/7/10/15y Bonos/Oblis and 12y Obli-Eis with amounts to be confirmed Monday. On offer will be the 5-year 0% Jan-26 Bono, the 7-year off-the-run 1.40% Jul-28 Obli, the 10-year 0.10% Apr-31 Obli, the 15-year 1.85% Jul-35 Obli and the 1.00% Nov-33 Obli-Ei
  • France will then round off issuance for the week with E10-11bln of LT OATs on offer: the 10-year 0% Nov-30 OAT, 20-year 0.50% May-40 OAT and 30-year 0.75% May-52 OAT.

NET FLOWS: There are some large redemptions next week which total E37.8bln: E23.9bln from the 3.75% Mar-21 BTP originally issued as a 10-year, E7.6bln nominal of the 0.10% May-21 OATei, originally issued as a 3-year and E6.0blnof the ESM 1.375% Mar-21, originally issued as a 7-year. On top of this there are E9.5bln of coupon payments due, of which E9.0bln are Italian. Together with our estimated nominal gross issuance of E23.3bln, we expect net nominal flows of -E24.0bln next week, a bigger flow back to the market than the -E0.2bln 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:


MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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