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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Mar 15

Slovakia, Germany, Finland, Spain and France are all due to come to the market next week. Including the potential French Green OAT syndication, we estimate nominal gross issuance of E32.9bln for the week, up from the E29.5bln issued this week.

  • In addition to the auctions outlined below it appears likely that France will launch its new 20-year Green OAT next week via syndication. We pencil in a transaction of E7-8bln. Note that the launch of the 1.75% Jun-39 Green OAT saw E7bln sold in 2017 and now has E28.9bln outstanding.
  • Slovakia looks to come to the market on Monday to sell E400mln of SlovGBs. On offer will be E100mln each of the 1.00% Jun-28 SlovGB, the 0.75% Apr-30 SlovGB, the 1.00% May-32 SlovGB and the 2.00% Oct-47 SlovGB.
  • Germany will come to the market on Tuesday with E5bln of the 0% Mar-23 Schatz on offer.
  • Also Tuesday, Finland looks to sell E1bln of RFGBs. On offer will be E500mln of both the 0% Sep-30 RFGB and the 0.125% Apr-52 RFGB .
  • On Wednesday Germany returns to the market to sell E1.5bln of the 0% Aug-50 Bund.
  • On Thursday, Spain comes to the market. It will launch a new 7-year Bono, the 0% Jan-28 Bono, as well as reopening the 3-year 0% May-24 Bono and the 30-year 1.00% Oct-50 Obli.
  • Also Thursday, France looks to sell E8.5-9.5bln of 2/5/7-year OATs (the 0% Feb-24 OAT, the 0% Feb-26 OAT and the 0.75% May-28 OAT). In addition France looks to sell E1.5-2.0bln of linkers (the 0.10% Mar-26 OATei, the 0.10% Mar-28 OATi and the 0.70% Jul-30 OATei).
Net nominal flows: There is a E900mln ITALY FRN due to mature next week (originally issued 15-years ago) but there are no other redemptions due. Coupon payments for the week total E2.4bln. With nominal gross issuance of E32.9bln next week, we look for net nominal flows of E29.6bln (up from E15.0bln this week).


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:

EZ150321.pdf


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