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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Dec 7

Germany, Italy, Spain and Belgium will issue EGBs in the W/C Dec 7. We estimate supply of E14.0bn compared to E12.5bn the previous week.

ISSUANCE:
  • Germany will be the first to come to market with an E3bn offering of the 0% Dec-22 Schatz on Wednesday.
  • On Thursday Spain will re-open the 1.25% Oct-31 Obli and the 0.65% Nov-27 ObliEi with issue volumes TBA.
  • Italy returns for a second time on Thursday to sell M/L-T BTPs with specific issues and target volumes TBA.
  • Finally, Belgium is scheduled to hold an ORI auction on Friday.

CASH Flows:
  • E12.0bn in redemptions will leave net cash flows at E2.0bn for the week.

** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix:

cfm071220.pdf

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