MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Nov 1

Executive Summary

• Next week will see issuance from Austria, Germany, Spain, and France.
• There are redemptions of E34.8bln due in the upcoming week and E11.6bln of coupon payments due (mostly Spanish and Italian).
• With E20.2bln of estimated gross nominal issuance, we look for net nominal flows for the week of negative E26.2bln vs this week's negative E27.0bln.
• For a recap of the past 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.

FULL DOCUMENT:

EZ011121.pdf

Week Ahead Supply:

• Austria will begin the week of issuance on Tuesday morning, selling E0.69bln of 0.25% Oct-36 RAGB.
• Also Tuesday, Germany will sell E0.4bln of 0.50% Apr-30 lnflation-linked Bund and E0.4bln of 0.10% Apr-33 lnflation-linked Bund.
• Germany returns Wednesday, selling E4bln of 0.00% Oct-26 Bobl.
• On Thursday, Spain comes to market, selling an estimated E4.5-5.5bln of Bono / Obli (amount TBA later Friday).
• France concludes the week of issuance on Thursday, selling between E9-10bln combined of the following :0.00% Nov-31 OAT, 1.75% Jun-39 OAT, and 0.75% May-53 OAT.