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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 11 Nov

The Netherlands, Germany, Italy and Portugal will look to hold auctions in the upcoming week.
MNI (LONDON)
  • The Netherlands, Germany, Italy and Portugal will look to hold auctions in the upcoming week.
  • We pencil in estimated gross issuance for the week at E20.7bln, down from E28.7bln this week.
  • The week ahead sees redemptions totalling E20.3bln: most notably E17.5bln from a formerly 7-year BTP and E2.8bln from a formerly 12-year SlovGB.
  • Coupon payments for the week total E3.9bln, of which E2.6bln are Italian and E1.2bln are German.
  • This leaves estimated net flows for the week at negative E3.5bln, down from positive E24.4bln this week.

For more see the full including an overview of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here: EZ241111.pdf

Supply Next Week

  • On Tuesday, the Netherlands will sell E2.0-2.5bln of the 5-year 0.25% Jul-29 DSL (ISIN: NL0013332430).
  • Also on Tuesday, Germany will sell E5bln of the 2.00% Dec-26 Schatz (ISIN: DE000BU22072).
  • On Wednesday, Italy will hold a 3/7/15-year BTP auction. On offer will be E3.5-4.0bln of the new 3-year 2.70% Oct-27 BTP (ISIN: TBC), E1.25-1.50bln of the 3.50% Feb-31 BTP (ISIN: IT0005580094), E1.25-1.50bln of the 2.50% Dec-32 BTP (ISIN: IT0005494239) and E1.00-1.25bln of the on-the-run 15-year 4.15% Oct-39 BTP (ISIN: IT0005582421). Note that the 3.15% Nov-31 BTP that was recently launched via syndication will not be on offer.
  • Also on Wednesday, Germany will return to the market to sell E4bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • Finally on Wednesday, Portugal will hold an OT auction, to sell a combined E1.00-1.25bln of the on-the-run 10-year 2.875% Oct-34 OT (ISIN: PTOTESOE0021) and the 4.10% Feb-45 OT (ISIN: PTOTEBOE0020).
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MNI (LONDON)
  • The Netherlands, Germany, Italy and Portugal will look to hold auctions in the upcoming week.
  • We pencil in estimated gross issuance for the week at E20.7bln, down from E28.7bln this week.
  • The week ahead sees redemptions totalling E20.3bln: most notably E17.5bln from a formerly 7-year BTP and E2.8bln from a formerly 12-year SlovGB.
  • Coupon payments for the week total E3.9bln, of which E2.6bln are Italian and E1.2bln are German.
  • This leaves estimated net flows for the week at negative E3.5bln, down from positive E24.4bln this week.

For more see the full including an overview of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks, see the PDF here: EZ241111.pdf

Supply Next Week

  • On Tuesday, the Netherlands will sell E2.0-2.5bln of the 5-year 0.25% Jul-29 DSL (ISIN: NL0013332430).
  • Also on Tuesday, Germany will sell E5bln of the 2.00% Dec-26 Schatz (ISIN: DE000BU22072).
  • On Wednesday, Italy will hold a 3/7/15-year BTP auction. On offer will be E3.5-4.0bln of the new 3-year 2.70% Oct-27 BTP (ISIN: TBC), E1.25-1.50bln of the 3.50% Feb-31 BTP (ISIN: IT0005580094), E1.25-1.50bln of the 2.50% Dec-32 BTP (ISIN: IT0005494239) and E1.00-1.25bln of the on-the-run 15-year 4.15% Oct-39 BTP (ISIN: IT0005582421). Note that the 3.15% Nov-31 BTP that was recently launched via syndication will not be on offer.
  • Also on Wednesday, Germany will return to the market to sell E4bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • Finally on Wednesday, Portugal will hold an OT auction, to sell a combined E1.00-1.25bln of the on-the-run 10-year 2.875% Oct-34 OT (ISIN: PTOTESOE0021) and the 4.10% Feb-45 OT (ISIN: PTOTEBOE0020).