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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C November 1, 2021

EUROZONE ISSUANCE

Next week will see issuance from Austria, Germany, Spain, and France. MNI estimates gross issuance for the week at E20.2bln, down from this week's E20.9bln (our full document is here).

  • 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.

NET NOMINAL FLOWS: There are redemptions of E34.8bln due in the upcoming week: E20.9bln of a Spanish Bono with an original maturity of 3-years and E13.9bln of an Italian BTP with an original maturity of 5-years. Furthermore there are also 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.

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