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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Nov 2

Germany, France, Spain, Austria and Finland will issue EGBs in the W/C Nov 2. We estimate supply of E21.7bn compared to E13.0bn the previous week.

ISSUANCE:

  • Austria will be the first to come to market with a tap of the 0% Oct-40 RAGB for E0.69bn on Tuesday.
  • Germany will follow with a E0.5bn offering of the 0.50% Apr-30 iBund.
  • The Deutsche Finanzagentur returns for a second time on Wednesday to sell E3bn of the 0% Oct-25 Green Bond.
  • Thursday will see combined issuance from Spain and France.
  • Spain will auction the 1.20% Oct-40 Obli and the 0.15% Nov-23 BonoEi with issue volumes TBA.
  • France will then wrap up for the week with a sale of the 0.50% May-29 OAT, 0% Nov-30 OAT, 1.50% May-50 OAT and the 4.00% Apr-55 OAT for E9.5-11.0bn.

CASH FLOWS:

  • E37.6bn in redemptions and E12.2bn in coupon payments will leave net cash flows at E-28.2bn for the week.

* For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix:

cfm021120.pdf

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