MNI BRIEF: China To Support OBOR Via Foreign Exchange Reserves

MNI China Daily Summary: Friday, October 18

RPT-MNI POLICY: Weaker Yen Ups Dec Hike Chances But US Vote A Risk

MNI BRIEF: PBOC To Curb Challenges Of House And Equity Markets

MNI BRIEF: PBOC Launches CNY300bln Stock Buy-back Facility

MNI BRIEF: China To Approve More Securities Funds - NFRA

MNI: US SEP HOUSING STARTS 1.354M; PERMITS 1.428M

EZ/UK Bond Supply Calendar: IT, SL, EU, BE, BoE APF on Monday

MNI: EUROZONE AUG CONSTRUCTION OUTPUT +0.1% M/M, -2.5% Y/Y

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

CANADA: Politics Week: Parliament Opens With Early Election Threats

AUSTRALIA: Albanese Lines Up Budget for May Election

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 21 Oct

Slovakia, the EU, Germany, Finland and Italy look to hold auctions in the upcoming week.
GlobalHomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStoryRegion
MNI (LONDON)
  • Slovakia, the EU, Germany, Finland and Italy look to hold auctions in the upcoming week while Italy also looks to hold an exchange.
  • We pencil in estimated gross issuance for the week at E24.7bln, up from E23.2bln this week.
  • The upcoming week sees redemptions totalling E29.3bln: most significantly E12.6bln from a formerly 7-year Belgian OLO, E11.7bln from a formerly 10-year Austrian RAGB and E4.7bln from a BTP Italia.
  • Coupon payments for the week total E9.3bln, of which E6.6bln are French, E0.9bln are Austrian, E0.7bln are German, E0.7bln are Belgian and E0.2bln are Portuguese
  • This leaves estimated net flows for the week at negative E17.0bln versus negative E21.5bln 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: EZ241021.pdf

Supply Next Week

  • On Monday, Slovakia will kick off issuance for the week with a 3/10/11/12-year SlovGBs auction. On offer will be the 3.00% Feb-28 SlovGB, the on-the-run 10-year 3.75% Mar-34 SlovGB, the 3.75% Feb-35 SlovGB and the 0.375% Apr-36 SlovGB.
  • Italy will hold an exchange auction via Banca d’Italia on Monday with up to E3bln of the 5.00% Aug-34 BTP (ISIN: IT0003535157) and the 4.00% Feb-37 BTP (ISIN: IT0003934657) on offer. The MEF will look to buy back the 0.35% Feb-25 BTP (ISIN: IT0005386245), the 5.00% Mar-25 BTP (ISIN: IT0004513641), the 1.50% Jun-25 BTP (ISIN: IT0005090318), the 1.40% May-25 BTP Italia (ISIN: IT0005410912) and the 0.55% May-26 BTP Italia (ISIN: IT0005332835).
  • The EU, also on Monday, will hold an EU-bond auction selling up to E3bln of the 3.125% Dec-30 EU-bond (ISIN: EU000A3LNF05) and up to E2bln of the 2.50% Oct-52 EU-bond (ISIN: EU000A3K4DT4).
  • Finally, on Monday, Belgium will hold a conventional auction with E2.2-2.5bln of on-the-run 5/10-year OLOs on offer alongside an off-the-run 33-year OLO: the 2.70% Oct-29 OLO (ISIN: BE0000362716), the 2.85% Oct-34 OLO (ISIN: BE0000360694), and the 2.25% Jun-57 OLO (ISIN: BE0000343526).
  • Germany, on Tuesday, will sell E5bln of the new Dec-26 Schatz (ISIN: DE000BU22072). The coupon will be announced the preceding day.
  • Germany will return to the market on Wednesday, to issue E4bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • Finland, on Thursday will look to hold an ORI operation to sell up to E400mln.
  • Finally, Italy will end the week by holding a BTP Short Term and BTPei auction. Details will be announced Tuesday. We expect the 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) to be on offer but don’t have a strong view regarding the BTPei on offer.
415 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MNI (LONDON)
  • Slovakia, the EU, Germany, Finland and Italy look to hold auctions in the upcoming week while Italy also looks to hold an exchange.
  • We pencil in estimated gross issuance for the week at E24.7bln, up from E23.2bln this week.
  • The upcoming week sees redemptions totalling E29.3bln: most significantly E12.6bln from a formerly 7-year Belgian OLO, E11.7bln from a formerly 10-year Austrian RAGB and E4.7bln from a BTP Italia.
  • Coupon payments for the week total E9.3bln, of which E6.6bln are French, E0.9bln are Austrian, E0.7bln are German, E0.7bln are Belgian and E0.2bln are Portuguese
  • This leaves estimated net flows for the week at negative E17.0bln versus negative E21.5bln 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: EZ241021.pdf

Supply Next Week

  • On Monday, Slovakia will kick off issuance for the week with a 3/10/11/12-year SlovGBs auction. On offer will be the 3.00% Feb-28 SlovGB, the on-the-run 10-year 3.75% Mar-34 SlovGB, the 3.75% Feb-35 SlovGB and the 0.375% Apr-36 SlovGB.
  • Italy will hold an exchange auction via Banca d’Italia on Monday with up to E3bln of the 5.00% Aug-34 BTP (ISIN: IT0003535157) and the 4.00% Feb-37 BTP (ISIN: IT0003934657) on offer. The MEF will look to buy back the 0.35% Feb-25 BTP (ISIN: IT0005386245), the 5.00% Mar-25 BTP (ISIN: IT0004513641), the 1.50% Jun-25 BTP (ISIN: IT0005090318), the 1.40% May-25 BTP Italia (ISIN: IT0005410912) and the 0.55% May-26 BTP Italia (ISIN: IT0005332835).
  • The EU, also on Monday, will hold an EU-bond auction selling up to E3bln of the 3.125% Dec-30 EU-bond (ISIN: EU000A3LNF05) and up to E2bln of the 2.50% Oct-52 EU-bond (ISIN: EU000A3K4DT4).
  • Finally, on Monday, Belgium will hold a conventional auction with E2.2-2.5bln of on-the-run 5/10-year OLOs on offer alongside an off-the-run 33-year OLO: the 2.70% Oct-29 OLO (ISIN: BE0000362716), the 2.85% Oct-34 OLO (ISIN: BE0000360694), and the 2.25% Jun-57 OLO (ISIN: BE0000343526).
  • Germany, on Tuesday, will sell E5bln of the new Dec-26 Schatz (ISIN: DE000BU22072). The coupon will be announced the preceding day.
  • Germany will return to the market on Wednesday, to issue E4bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • Finland, on Thursday will look to hold an ORI operation to sell up to E400mln.
  • Finally, Italy will end the week by holding a BTP Short Term and BTPei auction. Details will be announced Tuesday. We expect the 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269) to be on offer but don’t have a strong view regarding the BTPei on offer.