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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 25 Nov

The EU, Italy and Germany, look to hold conventional auctions whilst Finland will hold an ORI auction next week.
HomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStory
MNI (LONDON)
  • The EU, Italy and Germany look to hold conventional auctions whilst Finland will hold an ORI auction in the upcoming week.
  • We pencil in estimated gross issuance for the week at E22.3bln, down from E30.4bln this week.
  • The upcoming week sees E36.2bln of redemptions: E35.8bln from a formerly 10-year OAT and E0.5bln from a formerly 5-year CROATE.
  • Coupon payments for the week total E5.4bln, of which E5.1bln are French and E0.4bln are Italian.
  • This leaves estimated net flows for the week at negative E19.4bln, versus positive E30.0bln 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: EZ241125.pdf

Supply Next Week

  • On Monday, Italy will kick off issuance for the week with a Specialist tap for up to E2bln of the 0% Dec-24 BTP (ISIN: IT0005474330), which only has 3 weeks until maturity. This will be via the electronic MTS trading system.
  • Also Monday, the EU will hold an EU-bond auction selling up to up to E2bln of the 2.00% Oct-27 EU-bond (ISIN: EU000A3K4DS6) and up to E2bln of the 3.00% Dec-34 EU-bond (ISIN: EU000A3K4ES4).
  • On Tuesday, Italy will hold a BTP Short Term/BTPei auction. On offer will be E1.5-2.0bln of the on-the-run 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269), E0.75-1.00bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E500-750mln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Also on Tuesday, Germany will sell E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034)
  • On Thursday, Italy will hold a 5/10-year BTP and CCTeu auction. Details will be announced Monday. We expect to see both the 5/10-year on-the-run BTPs to be on offer: the 3.00% Oct-29 BTP (ISIN: IT0005611055) and the 3.85% Feb-35 BTP (ISIN: IT0005607970).
  • On Thursday, Finland will hold an ORI operation to sell up to E0.4bln.
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MNI (LONDON)
  • The EU, Italy and Germany look to hold conventional auctions whilst Finland will hold an ORI auction in the upcoming week.
  • We pencil in estimated gross issuance for the week at E22.3bln, down from E30.4bln this week.
  • The upcoming week sees E36.2bln of redemptions: E35.8bln from a formerly 10-year OAT and E0.5bln from a formerly 5-year CROATE.
  • Coupon payments for the week total E5.4bln, of which E5.1bln are French and E0.4bln are Italian.
  • This leaves estimated net flows for the week at negative E19.4bln, versus positive E30.0bln 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: EZ241125.pdf

Supply Next Week

  • On Monday, Italy will kick off issuance for the week with a Specialist tap for up to E2bln of the 0% Dec-24 BTP (ISIN: IT0005474330), which only has 3 weeks until maturity. This will be via the electronic MTS trading system.
  • Also Monday, the EU will hold an EU-bond auction selling up to up to E2bln of the 2.00% Oct-27 EU-bond (ISIN: EU000A3K4DS6) and up to E2bln of the 3.00% Dec-34 EU-bond (ISIN: EU000A3K4ES4).
  • On Tuesday, Italy will hold a BTP Short Term/BTPei auction. On offer will be E1.5-2.0bln of the on-the-run 3.10% Aug-26 BTP Short Term (ISIN: IT0005607269), E0.75-1.00bln of the 1.50% May-29 BTPei (ISIN: IT0005543803) and E500-750mln of the 0.10% May-33 BTPei (ISIN: IT0005482994).
  • Also on Tuesday, Germany will sell E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034)
  • On Thursday, Italy will hold a 5/10-year BTP and CCTeu auction. Details will be announced Monday. We expect to see both the 5/10-year on-the-run BTPs to be on offer: the 3.00% Oct-29 BTP (ISIN: IT0005611055) and the 3.85% Feb-35 BTP (ISIN: IT0005607970).
  • On Thursday, Finland will hold an ORI operation to sell up to E0.4bln.