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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C May 24

The Netherlands, Italy, Germany and potentially Portugal will all come to the market next week. We estimate gross nominal issuance of E17.7bln, substantially down on this week's E47.6bln.

  • The Netherlands will come to the market on Tuesday to sell the long 25-year 2.75% Jan-47 DSL for E1-2bln.
  • Italy will look to sell BTP Short Term / BTPei on Wednesday with details due to be announced tonight.
  • Germany will then sell E2.5bln of its 15-year 0% May-36 Bund. Recent German auctions have been weak, so there will be extra focus on this auction.
  • Portugal will also potentially hold an OT auction on Wednesday with confirmation due later today.
  • Italy will conclude issuance for the week on Friday, selling MT/LT BTPs with details to be announced on Tuesday.

NET NOMINAL FLOWS: There is a large E20.31bln French OAT maturing on 25 May with a further E9.2bln of coupons due (E8.3bln of which are French). These will likely outweigh gross issuance of E17.7bln, leaving net negative nominal flows of E-11.9bln. This is in contrast to this week's net nominal flow of E44.9bln.

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:

EZ240521.pdf

HomepageGlobal IssuanceGlobal Issuance - EurozoneMarkets
HomepageGlobal IssuanceGlobal Issuance - EurozoneMarkets

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