Free Trial
JGB TECHS

(M2) Correction Extends

US STOCKS

Late Session Rebound

AUSSIE 10-YEAR TECHS

(M2) Corrective Cycle Remains In Play

AUSSIE 3-YEAR TECHS

(M2) Gains Still Considered Corrective

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
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:

EZ010321.pdf

MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.