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

Germany, the Netherlands, Portugal, Italy and Ireland are all due to come to the market this week. We estimate gross net issuance of E18.8bln, down on last week's E25.6bln.

• Germany will hold a syndication in the "near future" to launch its new 30-year Green Bund that will mirror the 0% Aug-50 bund. We expect the transaction to take place on Tuesday and pencil in a size of around E5bln.
• The Netherlands will on Tuesday look to sell E1.5-2.5bln of the 0% Jul-31 DSL.
• On Wednesday, Portugal looks to sell E1.00-1.25bln combined of the 10-year 0.30% Oct-31 OT and 15-year 0.90% Oct-35 OT.
• On Thursday Italy will look to sell MT/LT BTPs with amounts still to be announced.
• Finally on Thursday, Ireland will look to sell E1.0-1.5bln of the 0% Oct-31 IGB, 1.30% May-33 IGB and 1.50% May-50 IGB.

NET NOMINAL FLOWS: There are no redemptions due this week and coupon payments are only expected to be E0.1bln. With gross nominal issuance of E18.8bln, we estimate net nominal flows of E18.7bln this week. This is up on the E2.4bln last week while the previous week saw a negative flow of E44.8bln.

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:

EZ100521.pdf