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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 9 Sept

The Netherlands, Germany, and Italy look to hold auctions, whilst the EU will hold a syndication in the upcoming week.
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  • The Netherlands, Germany, and Italy look to hold auctions, whilst the EU will hold a syndication in the upcoming week. There is also an outside possibility of a Spanish and/or Italian syndication (although we think that with the ECB meeting in the week ahead that these will come later).
  • We pencil in estimated gross issuance for the week at E24.6bln, down from E28.3bln this week.
  • The upcoming week sees three notable redemptions totalling E20.2bln: E17.0bln of a Schatz, USD2.0bln of a formerly 5-year ESM USD bond and E1.4bln of a formerly 20-year SLOREP.
  • Coupon payments for the week total E0.2bln, of which E0.1bln are German and E0.1bln are Slovenian.
  • This leaves estimated net flows for the week at positive E4.2bln, up from positive E2.8bln this week. 

MNI (LONDON) - 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: EZ240909.pdf

Supply Next Week

  • The EU will hold a syndication in the upcoming week. We don’t have a strong view regarding what will be on offer.
  • On Tuesday, the Netherlands will kick off auctions for the week, selling E1.5-2.0bln of the 0% Jan-52 DSL (ISIN: NL0015614579).
  • Also on Tuesday, Germany will come to the market to hold a Green auction. On offer will be E500mln of the 2.10% Apr-29 Green Bobl (ISIN: DE000BU35025) alongside a further E500mln of the 0% Aug-50 Green Bund (ISIN: DE0001030724).
  • On Wednesday, Germany will return to sell E4.5bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • On Thursday, Italy will come to the market to hold a 3/7 and 15-50-year BTP auction. Details will be announced Monday. We look for a reopening of the 3-year 3.45% Jul-27 BTP (ISIN: IT0005599904), the 7-year 3.45% Jul-31 BTP (ISIN: IT0005595803) but we don’t have a strong view of the 15+ year BTP that will be on offer.
  • Belgium has opened books on two retail Bons d’Etat: a 2.75% 1-year Bons d’Etat retail bond (ISIN: BE3871298282) and 2.80% 10-year Bons d’Etat (ISIN: BE3871299298). The subscription period is 5 to 13 September.
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  • The Netherlands, Germany, and Italy look to hold auctions, whilst the EU will hold a syndication in the upcoming week. There is also an outside possibility of a Spanish and/or Italian syndication (although we think that with the ECB meeting in the week ahead that these will come later).
  • We pencil in estimated gross issuance for the week at E24.6bln, down from E28.3bln this week.
  • The upcoming week sees three notable redemptions totalling E20.2bln: E17.0bln of a Schatz, USD2.0bln of a formerly 5-year ESM USD bond and E1.4bln of a formerly 20-year SLOREP.
  • Coupon payments for the week total E0.2bln, of which E0.1bln are German and E0.1bln are Slovenian.
  • This leaves estimated net flows for the week at positive E4.2bln, up from positive E2.8bln this week. 

MNI (LONDON) - 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: EZ240909.pdf

Supply Next Week

  • The EU will hold a syndication in the upcoming week. We don’t have a strong view regarding what will be on offer.
  • On Tuesday, the Netherlands will kick off auctions for the week, selling E1.5-2.0bln of the 0% Jan-52 DSL (ISIN: NL0015614579).
  • Also on Tuesday, Germany will come to the market to hold a Green auction. On offer will be E500mln of the 2.10% Apr-29 Green Bobl (ISIN: DE000BU35025) alongside a further E500mln of the 0% Aug-50 Green Bund (ISIN: DE0001030724).
  • On Wednesday, Germany will return to sell E4.5bln of the 2.60% Aug-34 Bund (ISIN: DE000BU2Z031).
  • On Thursday, Italy will come to the market to hold a 3/7 and 15-50-year BTP auction. Details will be announced Monday. We look for a reopening of the 3-year 3.45% Jul-27 BTP (ISIN: IT0005599904), the 7-year 3.45% Jul-31 BTP (ISIN: IT0005595803) but we don’t have a strong view of the 15+ year BTP that will be on offer.
  • Belgium has opened books on two retail Bons d’Etat: a 2.75% 1-year Bons d’Etat retail bond (ISIN: BE3871298282) and 2.80% 10-year Bons d’Etat (ISIN: BE3871299298). The subscription period is 5 to 13 September.