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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 28 Oct

Germany and Italy will look to hold auctions in the upcoming week.
GlobalHomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStoryRegion
MNI (LONDON)
  • Germany and Italy will look to hold auctions in the upcoming week.
  • We pencil in estimated gross issuance for the week at E13.0bln, down from E38.7bln this week.
  • The upcoming week sees one large redemption of E24.2bln from a formerly 10-year Obli.
  • Coupon payments for the week total E14.2bln, of which E14.3bln are Spanish and E4.9bln are Italian.
  • This leaves estimated net flows for the week at negative E25.5bln, versus negative E3.3bln 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: EZ241028.pdf

Supply Next Week

  • On Tuesday, Germany will kick off issuance for the week selling E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034).
  • On Wednesday, Italy will hold a 5/10-year BTP and CCTeu auction. Italy looks to sell E1.75-2.0bln of the on-the-run 3.00% Oct-29 BTP (ISIN: IT0005611055), E3.0-3.5bln of the on-the-run 3.85% Feb-35 BTP (ISIN: IT0005607970), and E3.0-3.5bln of the new 1.10% Apr-33 CCTeu (ISIN: TBC).
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MNI (LONDON)
  • Germany and Italy will look to hold auctions in the upcoming week.
  • We pencil in estimated gross issuance for the week at E13.0bln, down from E38.7bln this week.
  • The upcoming week sees one large redemption of E24.2bln from a formerly 10-year Obli.
  • Coupon payments for the week total E14.2bln, of which E14.3bln are Spanish and E4.9bln are Italian.
  • This leaves estimated net flows for the week at negative E25.5bln, versus negative E3.3bln 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: EZ241028.pdf

Supply Next Week

  • On Tuesday, Germany will kick off issuance for the week selling E4bln of the 2.50% Oct-29 Bobl (ISIN: DE000BU25034).
  • On Wednesday, Italy will hold a 5/10-year BTP and CCTeu auction. Italy looks to sell E1.75-2.0bln of the on-the-run 3.00% Oct-29 BTP (ISIN: IT0005611055), E3.0-3.5bln of the on-the-run 3.85% Feb-35 BTP (ISIN: IT0005607970), and E3.0-3.5bln of the new 1.10% Apr-33 CCTeu (ISIN: TBC).