MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C July 4

• Austria, Germany, Spain and France are due to sell bonds next week. We look for estimated gross nominal issuance of E24.1bln, up from the E13.5bln sold this week.
• There is a formerly 10-year Bund due to mature next week for a total of E26.5bln with a further E6.8bln of coupon payments due (of which E6.3bln are German).
• Together with estimated gross nominal issuance of E24.1bln, this leaves estimated net flows for the week at negative E9.3bln (down from this week’s positive E12.3bln).

Full document:

EZ220704.pdf

Week Ahead Supply:

• Austria will kick off issuance for the week on Tuesday with a combined E1.495bln of the 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8) on offer.
• Germany will also come to the market on Tuesday to reopen E0.5bln of the 0.10% Apr-33 ILB (ISIN: DE0001030583).
• On Wednesday, Germany will look to issue E5bln of the new 1.70% Aug-32 Bund (ISIN: DE0001102606).
• Spain will come to the market on Thursday, with auction sizes to be announced on Monday afternoon. On offer will be the 5.9% Jul-26 Obli (ISIN: ES00000123C7), 1.00% Nov-30 Obli-Ei (ISIN: ES00000127C8), 2.55% Oct-32 Obli (ISIN: ES0000012K61) and the 1.90% Oct-52 Obli (ISIN: ES0000012K46).
• France will then conclude issuance for the week on Thursday morning, looking to sell E11.0-12.0bln of long-term OATs including launching a new 2.00% Nov-32 OAT (ISIN: TBA). Also on offer: the 0.50% Jun-44 Green OAT (ISIN: FR0014002JM6), the 2.00% May-48 OAT (ISIN: FR0013257524) and the 0.75% May-53 OAT (ISIN: FR0014004J31).