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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Aug 3

Germany, France, Spain and Austria will issue EGBs this week. We estimate supply of E21.7bn (excl any potential syndications) compared to E23.5bn last week.

SUPPLY:

  • Austria will get the ball rolling with a tap of the 0.0% Jul-24 RAGB and 0.0% Feb-30 RAGB on Tuesday for E1.15bn.
  • Germany will follow on Wednesday with a sale of the 0% Oct-25 Bobl for E5bn.
  • Thursday will be the heaviest day of issuance with Spain and France coming to market.
  • Spain will auction the 0.0% Jul-23 Bono, 0.80% Jul-27 Obli, 1.25% Oct-30 Obli and the 0.65% Nov-27 ObliEi with issue volumes TBA.
  • France will the conclude issuance for the week with an auction of the 5.50% Apr-29 OAT, 2.50% May-30 OAT, 1.50% May-31 OAT and the 1.50% May-50 OAT for E7.5-9.0bn.

CASH FLOWS:

  • There will be no redemptions, but E4.7bn of coupon payments which will leave net cash flows at E16.2bn for the week.
For further details please see MNI Eurozone Issuance Profile & Cash Flow Matrix

CFM270720ncms.pdf

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