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MNI EGB Issuance, Redemption and Cash Flow Matrix

The EU, the Netherlands, Germany and Italy are all due to hold auctions in the upcoming week.
HomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStory

Download Full Report Here

The PDF contains a detailed breakdown of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks.

  • The EU, the Netherlands, Germany and Italy are all due to hold auctions in the upcoming week. There is also the potential for Austrian, Italian and EFSF syndications in upcoming weeks. We look for estimated gross issuance for the week of E32.6bln.
  • The week ahead sees large redemption flows, summing to E52.3bln of which E37.7bln is from a formerly 5-year OAT and E14.6bln is from a BTP Short Term.
  • Coupon payments for the week total E4.2bln of which E3.8bln are Belgian and E0.3bln are Italian.
  • This leaves estimated net flows for the week at negative E24.0bln.

Supply Next Week

  • On Monday, the EU will hold an EU-bond auction to sell up to E2.5bln of the 3.125% Dec-30 EU-bond (ISIN: EU000A3LNF05) and up to E2.5bln of the 4.00% Apr-44 EU-bond (ISIN: EU000A3K4EL9). This will be the last dual-line auction, before triple-line auction are introduced in April.
  • On Tuesday, the Netherlands will hold a DSL auction to issue E1.5-2.0bln of the 2.50% Jul-35 DSL (ISIN: NL0015002F72).
  • Also on Tuesday, Germany will sell E4.5bln of the 2.40% Apr-30 Bobl (ISIN: DE000BU25042).
  • On Wednesday, Italy will hold a BTP Short Term and BTPei auction. On offer will be E2.5-3.0bln of the on-the-run 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) alongside E1.0-1.5bln of the 1.50% May-29 BTPei (ISIN: IT0005543803).
  • Also on Wednesday, Germany will return to the market to hold a 15-year Bund auction. On offer will be E1.5bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of the 2.50% Aug-46 Bund (ISIN: DE0001102341).
  • To conclude the week on Friday, Italy will hold a 5/10-year BTP auction and CCTeu auction. Details will be announced on Tuesday.
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Download Full Report Here

The PDF contains a detailed breakdown of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks.

  • The EU, the Netherlands, Germany and Italy are all due to hold auctions in the upcoming week. There is also the potential for Austrian, Italian and EFSF syndications in upcoming weeks. We look for estimated gross issuance for the week of E32.6bln.
  • The week ahead sees large redemption flows, summing to E52.3bln of which E37.7bln is from a formerly 5-year OAT and E14.6bln is from a BTP Short Term.
  • Coupon payments for the week total E4.2bln of which E3.8bln are Belgian and E0.3bln are Italian.
  • This leaves estimated net flows for the week at negative E24.0bln.

Supply Next Week

  • On Monday, the EU will hold an EU-bond auction to sell up to E2.5bln of the 3.125% Dec-30 EU-bond (ISIN: EU000A3LNF05) and up to E2.5bln of the 4.00% Apr-44 EU-bond (ISIN: EU000A3K4EL9). This will be the last dual-line auction, before triple-line auction are introduced in April.
  • On Tuesday, the Netherlands will hold a DSL auction to issue E1.5-2.0bln of the 2.50% Jul-35 DSL (ISIN: NL0015002F72).
  • Also on Tuesday, Germany will sell E4.5bln of the 2.40% Apr-30 Bobl (ISIN: DE000BU25042).
  • On Wednesday, Italy will hold a BTP Short Term and BTPei auction. On offer will be E2.5-3.0bln of the on-the-run 2.55% Feb-27 BTP Short Term (ISIN: IT0005633794) alongside E1.0-1.5bln of the 1.50% May-29 BTPei (ISIN: IT0005543803).
  • Also on Wednesday, Germany will return to the market to hold a 15-year Bund auction. On offer will be E1.5bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of the 2.50% Aug-46 Bund (ISIN: DE0001102341).
  • To conclude the week on Friday, Italy will hold a 5/10-year BTP auction and CCTeu auction. Details will be announced on Tuesday.