July 26, 2024 14:55 GMT
MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 29 July, 2024
Italy, Germany, Spain, France and Belgium all look to hold conventional auctions in the week ahead. We pencil in estimated gross issuance for the week at E29.7bln up from E18.9bln this week.
- Italy, Germany, Spain, France and Belgium all look to hold conventional auctions in the week ahead.
- We pencil in estimated gross issuance for the week at E29.7bln up from E18.9bln this week.
- The week ahead sees three redemptions totaling E21.1bln: most notably E17.7bln from a formerly 5-year Spanish Bono and E3.25bln of a formerly 20-year Italian ISPA High Speed Railway Funding Note.
- Coupon payments for the week are E15.2bln, of which E10.1bln are Spanish and E4.9bln are Italian.
- This leaves estimated net flows for the week at negative E6.6bln, versus negative E7.3bln 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:
Supply Next Week
- On Tuesday, Italy will kick off issuance for the week by holding a 5/10-year BTP / CCTeu auction, including the launch of a new 10-year BTP (as we expected). However, there is no new 5-year to be launched this month (with a new Oct-29 BTP now likely to be launched in August or September). On offer will be E1.25-1.50bln of the 4.10% Feb-29 BTP (ISIN: IT0005566408), E1.25-1.75bln of the 3.35% Jul-29 BTP (ISIN: IT0005584849), E4.0-4.5bln of the new 3.85% Feb-35 BTP (ISIN: IT0005607970) and E1.0-1.5bln of the 1.05% Apr-32 CCTeu (ISIN: IT0005594467).
- On Wednesday, Germany will look to conclude issuance for the month by selling E3bln of the short 7-year 2.40% Nov-30 Bund (ISIN: DE000BU27006).
- On Thursday, Spain will look to hold a Bono / Obli / ObliEi auction. On offer will be the on-the-run 3-year 2.50% May-27 Bono (ISIN: ES0000012M77), the on-the-run 10-year 3.45% Oct-34 Obli (ISIN: ES0000012N35), the 5.15% Oct-44 Obli (ISIN: ES00000124H4) and the 0.65% Nov-27 Obli-Ei (ISIN: ES00000128S2). The size will be announced on Monday.
- France, also on Thursday will hold an LT OAT auction. On offer will be a combined E9.0-10.5bln of the on-the-run 10-year 3.00% Nov-34 OAT (ISIN: FR001400QMF9), the 15-year 1.25% May-38 OAT (ISIN: FR0014009O62), the 2.50% May-43 OAT (ISIN: FR001400CMX2) and the on-the-run 30-year 4.00% Apr-55 OAT (ISIN: FR0010171975).
- Finally on Friday Belgium will conclude by holding an ORI operation, likely for up to E500mln. Details will be announced Thursday.
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