MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C May 9

• The EU, the Netherlands, Austria, Germany, Portugal, Italy and Ireland are due to sell bonds next week. We look for estimated gross nominal issuance of E27.8bln, up from E19.4bln this week.
• There are no redemptions in the week ahead and only negligible coupon payments.
• This leaves estimated net flows for the week at positive E27.8bln (up from negative E10.4bln this week).

EZ220509.pdf

Week Ahead Supply:

• The EU will hold a syndication next week, with details to come. We expect the issuance volume to be approx. E7bln.
• The Netherlands will kick off issuance for the week on Tuesday morning, with E2-3bln of the 0% Jan-26 DSL (ISIN: NL0015000QL2) on offer.
• Austria will also come to the market on Tuesday, to sell a combined E1.38bln of on-the-run 7/10-year RAGBs: the 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8).
• Germany will conclude Tuesday's issuance, looking to sell E3bln of the 0% Apr-27 Bobl (ISIN: DE0001141851).
• On Wednesday, Germany will return to the market with E4bln of the 10-year 0% Feb-32 Bund (ISIN: DE0001102580) on offer.
• Portugal will hold an OT auction on Wednesday, with E500-750mln of the 0.475% Oct-30 OT (ISIN: PTOTELOE0028) on offer.
• Italy will then sell 3/7/15-50-year BTPs on Thursday. Details will be announced on Monday. We look for the 1.20% Aug-25 BTP (ISIN: IT0005493298) to be reopened with a new Jun-29 BTP to be launched. We don't have a high conviction on what 15-50-year BTP will be reopened.
• Ireland will also come to the market on Thursday, concluding Eurozone issuance for the week, with details also to be announced on Monday.