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MNI EGB ISSUANCE, REDEMPTION AND CASH FLOW MATRIX - W/C AUG 24

Germany, Italy, Belgium and Portugal will issue EGBs this week. We now estimate supply of E15.3bn (revised from an initial estimate of E17.8bn) compared to E13.5bn last week.

RECAP:

  • Belgium was the first to come to market with a tap of the 0.10% Jun-30 OLO for E1.52bn on Monday.
ISSUANCE:
  • Germany will follow on Tuesday with an auction of the 0% Sep-22 Schatz for E6bn.
  • Italy will sell the May-22 CTZ for E2.5-3.0bn on Wednesday.
  • Germany then returns for a second time to sell the 0% May-35 Bund for E3.5bn.
  • Portugal concludes issuance for the week with a tap of the 0.70% Oct-27 OT and the 3.875% Feb-30 OT for E1.00-1.25bn.

CASH FLOWS:

  • E0.5bn of redemptions will leave net cash flows at E14.8bn for the week.
** For further details please see Eurozone Issuance Profile & Cash Flow Matrix
*** Contains our initial supply estimates for the week.
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