MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Jul 10

• The EU, the Netherlands, Germany, Portugal and Italy all look to issue in the upcoming week. We pencil in gross nominal issuance of E28.3bln, a little higher than the E25.1bln seen this week.
• The upcoming week sees a E2.0bln redemption from a formerly 10-year Luxembourg Government Bond and coupons payments of E0.2bln due.
• This leaves estimated net flows of positive E26.1bln in the week, up from E18.5bln this week.

For more see the full PDF here:

EZ230710.pdf

Week Ahead Supply

• The EU will look to hold a syndication in the week. We do not have a strong conviction on which EU-bond(s) will be on offer.
• The Netherlands will kick off auctions for the week on Tuesday with E2.0-2.5bln of the 7-year 2.50% Jan-30 DSL (ISIN: NL0015001DQ7) on offer.
• Also Tuesday, Germany will look to sell E5bln of the 2.40% Oct-28 Bobl (ISIN: DE000BU25018).
• Germany will return to the market on Wednesday with E5bln of the new Aug-33 Bund (ISIN: DE000BU2Z015) on offer.
• Portugal will also come to the market on Wednesday to hold a 6/12-year OT auction for a combined E0.75-1.00bln. On offer will be the 1.95% Jun-29 OT (ISIN: PTOTEXOE0024) and the 0.90% Oct-35 OT (ISIN: PTOTENOE0034).
• Italy will hold its mid-month 3/7/15-50-year auction on Thursday. We expect the MEF to launch a new 3-year BTP maturing 15 September 2026 for E3.5-4.0bln, reopen the 7-year 3.70% Jun-30 BTP BTP (ISIN: IT0005542797) for E2.5-3.0bln but we don’t have a strong conviction on what 15-50-year BTP will be on offer. Details will be announced on Monday.