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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C May 17

MNI (London)

The EU, Slovakia, Germany, Spain and France are all due to come to the market next week. We estimate gross net issuance of E38.3bln, up from last week's E18.8bln.

  • The EU has issued an RFP for a transaction next week. We expect a mandate to be released on Monday with the transaction taking place on Tuesday. In its latest investor presentation, the EU noted that it intended to issue a total E13-15bln more for the SURE programme and that funding would be complete by mid-2021.
  • Slovakia will kick off issuance next week with E500mln of SlovGBs on offer: E100mln of the 0.25% May-25 SlovGB, E100mln of the 1.00% Oct-30 SlovGB, E150mln of the 1.00% May-32 SlovGB and E150mln of the 2.00% Oct-47 SlovGB.
  • Germany will come to the market on Tuesday looking to sell E6bln of the new Jun-23 Schatz.
  • Germany will return on Wednesday to sell E4bln of the 0% Feb-31 Bund.
  • Spain will kick off Thursday's issuance by selling the 3-year 0% May-24 Bono, the 7-year 0% Jan-28 Bono and the 10-year 0.10% Apr-31 Obli. Issuance volumes will be announced on Monday.
  • France will look to sell E9.5-10.5bln of MT OATs on Thursday. On offer will be the short 3-year 0% Feb-24 OAT, the long 5-year 0% Feb-27 OAT and the 7-year 0.75% Nov-28 OAT.
  • France will conclude issuance for the week selling linkers for E2-3bln. It will launch a new 10-year OATi (0.10% Mar-32 OATi) and reopen the 15-year 0.10% Jul-36 OATei.
  • The EFSF has a potential transaction date set for the upcoming week but not RFP has been sent so we assume no transaction will take place.

NET NOMINAL FLOWS: There are only E0.75bln redemptions this week while coupon payments total E2.3bln. With gross nominal issuance of E38.3bln, we estimate net nominal flows of E35.2bln this week. This is up on the E20.5bln last 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:

EZ170521.pdf

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