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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Aug 16

Germany and France will both issue EGBs next week. Total gross nominal issue is expected at E15.0bln, up from this week's E4.0bln.

  • Germany will kick off issuance for the week on Tuesday, with E6.0bln of the new Sep-23 Schatz on offer.
  • Germany will return to the market on Wednesday to sell E1.0bln of the 30-year 0% Aug-50 Bund.
  • France will look to sell E6-7bln of MT OATs on Thursday. On offer will be the 0% Mar-24 OAT, the 0.50% May-25 OAT and the 1.00% May-27 OAT.
  • France will then look to sell E0.5-1.0bln of linkers with both the 0.10% Mar-28 OATi and the 0.10% Mar-29 OATei on offer.
  • Spain's scheduled auction for Thursday has been cancelled.

NET NOMINAL FLOWS: There are no redemptions in the upcoming week and just E2.4bln of coupon payments due. With gross nominal issuance of E15.0bln, we estimate net nominal issuance of E12.6bln for the week (up from E2.3bln this week.

For a recap of last week's issuance alongside graphical representations of issuance in the upcoming weeks and detailed tables of coupon and redemption schedules for the year ahead see the full document:

EZ160821.pdf

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