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MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Sep 7

Germany, Italy, the Netherlands, Austria, Portugal and Ireland will issue bonds this week. We estimate supply of E19.1bn compared to E25.5bn last week.

ISSUANCE:

  • The Netherlands will be the first to issue with a sale of the 0.75% Jul-28 DSL for E1.5-2.5bn on Tuesday.
  • Austria will follow with a tap of the 0% Feb-30 RAGB and the 2.40% May-34 RAGB for a combined E1.15bn.
  • On Wednesday Germany will offer E4bn of the 0% Aug-30 bund.
  • Portugal will then re-open the 0.475% Oct-30 and the 4.10% Feb-45 OT for E1.00-1.25bn.
  • Italy and Ireland are scheduled to hold auctions on Thursday with details TBA.
CASH FLOWS:
  • E12.0bn in redemptions and E0.3bn in coupon payments will leave net cash flows at E6.8bn for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix

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