MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Jan 25

The Netherlands, Italy and Germany are due to hold bond auctions next week with E17.3bln expected to be raised. In addition, the EU is expected to hold a syndication for EU SURE bonds which we estimate will raise a further E14bln.

• The Netherlands will kick off the auctions for the week on Tuesday with E2-3bln of the 0.25% Jul-25 DSL on offer.
• Also on Tuesday, Italy looks to sell E2.5-3.0bln of the Sep-22 CTZ and E0.75-1.00bln of the 0.65% May-26 BTPEi.
• We expect Tuesday to be the day the EU comes to the market to sell a dual-tranche of SURE bonds. We expect a new 7-year issue and for the second bond to have a maturity of 20-30 years (Bloomberg and Reuters sources pieces have pointed to a dual 7-year and 30-year transaction).
• Germany will come to the market on Wednesday to sell E4bln of the Feb-31 Bund.
• Italy will return to the market on Thursday to sell MT/LT BTPs. Details are to be announced on Monday.

CASH FLOWS: With just E0.1bln of redemptions and E0.3bln of coupon payments, we look for total issuance of E31.3bln. Last week's issuance of E30.0bln saw net flows of E22.1bln.

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.

EZ250121.pdf