MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Apr 19

Slovakia, Germany, Finland, Spain and France are all due to hold auctions next week. We look for nominal gross issuance of E28.6bln in first round operations, down from this week's E37.4bln (E38.9bln including second rounds this week). In addition, Italy will launch a new 16-year BTP Futura to retail clients only (so we do not include that in our total).

• Slovakia will kick off issuance on Monday with E411mln of SlovGBs on offer: E100mln of the 0% Jun-24 SlovGB, E61.4mln of the 3.625% Jan-29 SlovGB, E150mln of the 1.00% Oct-30 SlovGB and E100mln of the 2.00% Oct-47 SlovGB.
• On Tuesday, Germany will look to sell E5bln of the 0% Mar-23 Schatz.
• Also Tuesday, Finland looks to sell E1.0bln of the 20-year 0.25% Sep-40 RFGB.
• On Wednesday, Germany will return to the market to sell E4bln of the 0% Feb-31 Bund.
• Thursday will see Spain issue the on-the-run 3-year 0% May-24 Bono, an off-the-run 7-year 1.50% Apr-27 Obli and the on-the-run 10-year 0.10% Apr-31 Obli.
• Also Thursday, France will issue E10-11bln of MT OATs. The highlight will be the 0% Feb-27 which will be built up as the 5-year benchmark. Also on offer are the 3-year 0% Feb-24 OAT and 8-yera 0.50% May-29 OAT.
• Concluding the week, France will sell E1.5-2.0bln of linkers. The 0.10% Mar-26 OATei, the 0.10% Mar-36 OATi and the 0.10% Jul-47 OATei will be on offer.

EZ190421.pdf