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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Jul 27

Germany, Italy and Belgium will issue bonds this week. We estimate supply of E21.3bn compared to E9.5bn last week.

ISSUANCE:

  • Belgium will be the first to come to market with a sale of the 0.80% Jun-25 OLO and 0.90% Jun-29 OLO for E1.5-2.0bn on Monday.
  • On Tuesday Italy will auction the 0.40% May-30 BTPEi for E0.75-1.0bn and the May-22 CTZ for E2.75-3.25bn.
  • Germany will follow with a tap of the 0% Nov-27 bund for E4bn.
  • On Wednesday Germany will return to auction the 0% May-35 Bund for E3.5bn.
  • Italy will similarly return to the market for a second time on Thursday to auction M/L-Term BTPs with details TBA.

CASH FLOWS: E45.0bn in redemptions and E9.8bn of coupon payments will leave net cash flows at E-33.6bn of the week.

Click here to see the MNI Eurozone Issuance Profile & Cash Flow Matrix PDF or see attached below:

MNI Eurozone Issuance Profile & Cash Flow Matrix.pdf

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