MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Feb 28

• The EU, Germany, Spain and France are all scheduled to sell bonds next week. We look forE20.0bln of gross nominal issuance, up from E13.0bln last week.
• The week ahead sees one redemption: a former 10-year BTP (5.00% Mar-22) with E20.6bln outstanding. There are also E9.6bln of coupon payments due, of which E8.1bln are Italian and E1.2bln are French.
• With estimated gross nominal issuance of E20.0bln, net flows for the week are estimated at negative E10.2bln (down from negative E4.3bln this week).

EZ220228_Fri.pdf

• The EU will kick off issuance for the week on Monday (and conclude February issuance) with E2.5bln of the 0% Jul-26 EU NGEU EU-Bond on offer.
• Germany will come to the market on Wednesday to sell E1.5bln of the 0% Aug-30 10-year Green Bund.
• On Thursday Spain will look to sell the 3-year 0% May-25 Bono, the new 7-year 0.80% Jul-29 Obli, the originally 15-year 0.70% Nov-33 Obli-Ei and the 20-year 1.00% Jul-42 Green Obli. Issuance volumes will be confirmed Monday.
• Also Thursday, France will sell E8.5-10bln of LT OATs; the 10-year 0% May-32 OAT, the 3.25% May-45 OAT and the 30-year 0.75% May-53 OAT.