MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Jan 11

It is set to be another busy week for issuance with the EFSF, the Netherlands, Austria, Germany, Portugal and Italy all due to issue bonds. We expect supply of E22bln, with potential for more from further syndications.

Full document:

cfm040121.pdf

• Issuance is likely to kick off on Monday with the EFSF expected to come to the market. The date is still unconfirmed but an RFP has been issued to banks for issuance during the week. The EFSF is scheduled to raise E7bln in Q1 and we pencil in a syndicated offering of around E4bln.
• Tuesday will see the Netherlands come to the market with E1-2bln of the 0% Jan-52 DSL on offer.
• Tuesday will also see Austria look to sell E1.38bln of the 0% Feb-30 RAGB and the 0.75% May-51 RAGB.
• Germany is set to sell both linkers and nominals next week. On Tuesday the 0.50% Apr-30 iBund will be on offer for E400mln and the 0.10% Apr-46 iBund for E200mln. Germany will return to the market to launch the new Apr-26 Bobl on Wednesday.
• Portugal will come to the market on Wednesday, too, looking to sell E1.00-1.25bln of OT. On offer are the 0.475% Oct-30 OT and the 0.90% Oct-35 OT.
• Italy will round off issuance for the week with a sale of M/T and L/T BTPs. Details are set to be announced on Monday.

CASH FLOWS: There are no meaningful redemptions and E4.0bln of coupons due (E3.6bln from the Netherlands and E0.4bln from Italy). This leaves net flows for the week of E10.0bln. The prior week saw supply of E45.5bln and net flows of E20.8bln.

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.

See the full document here: cfm040121.pdf