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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 16 Sep

Slovakia, Finland, Greece, Germany, Spain and France look to hold auctions in the upcoming week.
GlobalHomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStoryRegion
MNI (LONDON)
  • Slovakia, Finland, Greece, Germany, Spain and France look to hold auctions in the upcoming week.
  • We pencil in estimated gross issuance for the week at E24.3bln, down from E34.6bln this week.
  • The upcoming week sees three notable redemptions totalling E21.7bln: E16.7bln of a formerly 10-year BTPei, E4.0bln of a formerly 5-year RFGB and USD1.0bln of a formerly 10-year Belgium USD bond.
  • Coupon payments for the week total E4.1bln, of which E2.6bln are Italian, E0.7bln are Finnish and E0.5bln are German.
  • This leaves estimated net flows for the week at negative E1.5bln, down from positive E14.2bln 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: EZ240916.pdf

Supply Next Week

  • Slovakia will kick off issuance on Monday with its first SlovGB auction since the summer break. On offer are the 3.00% Feb-26 SlovGB (ISIN: SK4000024675), the 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
  • Finland will come to the market on Tuesday to hold an RFGB auction to sell up to a combined E1.5bln of off-the-run 5/10-year RFGBs: the 0.50% Sep-29 RFGB (ISIN: FI4000369467) and the 1.125% Apr-34 RFGB (ISIN: FI4000306758).
  • Greece on Wednesday will hold a GGB auction. Details will likely be announced the preceding day.
  • Germany, also on Wednesday, will hold a 30-year Bund auction. On offer will be E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Spain will look to hold a Bono / Obli auction on Thursday. As expected, we will see the first reopening of 3.10% Jul-31 Obli (ISIN: ES0000012N43) that was launched in July. Alongside this the the 5.15% Oct-28 Obli (ISIN: ES00000124C5) and the 3.45% Jul-43 Obli (ISIN: ES0000012K95) will be on offer. The auction size will be announced on Monday.
  • France will hold an MT OAT auction for E10-12bln also on Thursday. On offer is the on-the-run 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the 0.75% Feb-28 OAT (ISIN: FR001400AIN5), the on-the-run 2.75% Feb-30 OAT (ISIN: FR001400PM68) and the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3).
  • France will return on Thursday to hold an IL OAT auction for E1.5-2.0bln. On offer is the 0.10% Mar-32 OATi (ISIN: FR0014003N51), the 3.15% Jul-32 OATei (ISIN: FR0000188799), the 1.80% Jul-40 OATei (ISIN: FR0010447367) and the 0.10% Jul-53 OATei (ISIN: FR0014008181). 
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MNI (LONDON)
  • Slovakia, Finland, Greece, Germany, Spain and France look to hold auctions in the upcoming week.
  • We pencil in estimated gross issuance for the week at E24.3bln, down from E34.6bln this week.
  • The upcoming week sees three notable redemptions totalling E21.7bln: E16.7bln of a formerly 10-year BTPei, E4.0bln of a formerly 5-year RFGB and USD1.0bln of a formerly 10-year Belgium USD bond.
  • Coupon payments for the week total E4.1bln, of which E2.6bln are Italian, E0.7bln are Finnish and E0.5bln are German.
  • This leaves estimated net flows for the week at negative E1.5bln, down from positive E14.2bln 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: EZ240916.pdf

Supply Next Week

  • Slovakia will kick off issuance on Monday with its first SlovGB auction since the summer break. On offer are the 3.00% Feb-26 SlovGB (ISIN: SK4000024675), the 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230) and the 3.75% Feb-35 SlovGB (ISIN: SK4000022539).
  • Finland will come to the market on Tuesday to hold an RFGB auction to sell up to a combined E1.5bln of off-the-run 5/10-year RFGBs: the 0.50% Sep-29 RFGB (ISIN: FI4000369467) and the 1.125% Apr-34 RFGB (ISIN: FI4000306758).
  • Greece on Wednesday will hold a GGB auction. Details will likely be announced the preceding day.
  • Germany, also on Wednesday, will hold a 30-year Bund auction. On offer will be E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Spain will look to hold a Bono / Obli auction on Thursday. As expected, we will see the first reopening of 3.10% Jul-31 Obli (ISIN: ES0000012N43) that was launched in July. Alongside this the the 5.15% Oct-28 Obli (ISIN: ES00000124C5) and the 3.45% Jul-43 Obli (ISIN: ES0000012K95) will be on offer. The auction size will be announced on Monday.
  • France will hold an MT OAT auction for E10-12bln also on Thursday. On offer is the on-the-run 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the 0.75% Feb-28 OAT (ISIN: FR001400AIN5), the on-the-run 2.75% Feb-30 OAT (ISIN: FR001400PM68) and the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3).
  • France will return on Thursday to hold an IL OAT auction for E1.5-2.0bln. On offer is the 0.10% Mar-32 OATi (ISIN: FR0014003N51), the 3.15% Jul-32 OATei (ISIN: FR0000188799), the 1.80% Jul-40 OATei (ISIN: FR0010447367) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).