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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 4 Nov

The EU, Austria, Germany, Spain, France, and Belgium all look to hold auctions in the upcoming week.
GlobalHomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStoryRegion
  • The EU, Austria, Germany, Spain, France, and Belgium all look to hold auctions in the upcoming week.
  • We pencil in estimated gross issuance for the week at E25.2bln, up from E16.0bln this week.
  • The upcoming week sees one small redemption of E0.3bln from a formerly 10-year LithGB.
  • Coupon payments for the week total E0.9bln, of which E0.6bln are from the EU, E0.1bln are from the ESM and E0.1bln are Slovakian.
  • This leaves estimated net flows for the week at positive E24.0bln, up from negative E22.4bln 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: EZ241104.pdf

Supply Next Week

  • On Monday, the EU will hold an EU-bond auction to sell up to E2.5bln of the 2.875% Oct-29 EU-bond (ISIN: EU000A3L1CN4) and up to E2.5bln of the 3.25% Jul-34 EU-bond (ISIN: EU000A3K4D41).
  • On Tuesday, Austria will hold an RAGB auction to sell a combined E1.725bln (MNI had expected either E1.4375bln or E1.725bln) of the 2.90% Feb-34 RAGB (ISIN: AT0000A39UW5) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6).
  • On Wednesday, Germany will hold a 15-year Bund auction. On offer will be E1bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of the 2.50% Aug-46 Bund (ISIN: DE0001102341).
  • On Thursday, Spain will hold a Bono/Obli/ObliEi auction. On offer will be the new 2.70% Jan-30 Obli (ISIN: ES0000012O00), the 4.00% Oct-54 Obli (ISIN: ES0000012M93) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12). The size will be announced on Monday.
  • Also on Thursday, France will hold its final LT OAT auction of the year, selling a combined E10.5-12.5bln: the on-the-run 3.00% Nov-34 OAT (ISIN: FR001400QMF9), the 4.75% Apr-35 OAT (ISIN: FR0010070060), the 3.25% May-55 OAT (ISIN: FR001400OHF4) and the 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6).
  • Finally, on Friday,  Belgium will hold an ORI auction, likely for up to E500mln. The OLOs on offer will be announced the preceding day. 
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  • The EU, Austria, Germany, Spain, France, and Belgium all look to hold auctions in the upcoming week.
  • We pencil in estimated gross issuance for the week at E25.2bln, up from E16.0bln this week.
  • The upcoming week sees one small redemption of E0.3bln from a formerly 10-year LithGB.
  • Coupon payments for the week total E0.9bln, of which E0.6bln are from the EU, E0.1bln are from the ESM and E0.1bln are Slovakian.
  • This leaves estimated net flows for the week at positive E24.0bln, up from negative E22.4bln 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: EZ241104.pdf

Supply Next Week

  • On Monday, the EU will hold an EU-bond auction to sell up to E2.5bln of the 2.875% Oct-29 EU-bond (ISIN: EU000A3L1CN4) and up to E2.5bln of the 3.25% Jul-34 EU-bond (ISIN: EU000A3K4D41).
  • On Tuesday, Austria will hold an RAGB auction to sell a combined E1.725bln (MNI had expected either E1.4375bln or E1.725bln) of the 2.90% Feb-34 RAGB (ISIN: AT0000A39UW5) and the 3.15% Jun-44 RAGB (ISIN: AT0000A0VRQ6).
  • On Wednesday, Germany will hold a 15-year Bund auction. On offer will be E1bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of the 2.50% Aug-46 Bund (ISIN: DE0001102341).
  • On Thursday, Spain will hold a Bono/Obli/ObliEi auction. On offer will be the new 2.70% Jan-30 Obli (ISIN: ES0000012O00), the 4.00% Oct-54 Obli (ISIN: ES0000012M93) and the 0.70% Nov-33 Obli-Ei (ISIN: ES0000012C12). The size will be announced on Monday.
  • Also on Thursday, France will hold its final LT OAT auction of the year, selling a combined E10.5-12.5bln: the on-the-run 3.00% Nov-34 OAT (ISIN: FR001400QMF9), the 4.75% Apr-35 OAT (ISIN: FR0010070060), the 3.25% May-55 OAT (ISIN: FR001400OHF4) and the 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6).
  • Finally, on Friday,  Belgium will hold an ORI auction, likely for up to E500mln. The OLOs on offer will be announced the preceding day.