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

Germany, Italy, Ireland, the EFSF and the EC will issue bonds in the W/C November 9. We estimate supply of E21.5bn compared to E20.1bn the previous week.

ISSUANCE:

  • Germany will come to market on Tuesday to sell E1bn of the 0% Aug-50 Bund.
  • On Wednesday Italy will tap M/L-T BTPs with specific issues and target volumes TBA.
  • Ireland is also scheduled to hold an auction on Thursday, with details TBA.
  • RFPs have been issued by the EFSF and EC (for the next EU SURE bonds), indicating that an auction will take place between 9-12 November.
  • Italy has similarly indicated that the second BTP futura issuance will take place during the week.
CASH FLOWS:
  • There are no coupon payments, but E12.0bn in redemptions which will leave net cash flows at E9.5bn for the week.
** For further details please see:

cfm091120.pdf

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