MNI BRIEF: Fed's Kugler Says Makes Sense To Hold For Some Time

MNI BRIEF: Job On Inflation Not Done, Care Needed - BOE Pill

MNI BRIEF: StatsCan Reviews Factory Jobs and U.S. Demand

MNI BRIEF: Mexico Inflation Down To 3.59% In January

MNI BRIEF: Tariffs Force CBRT To Hike 2025 Inflation Forecast

MNI China Daily Summary: Friday, February 7

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 480; GAS RIGS 100

BAKER HUGHES CANADA RIG COUNT 249; OIL RIGS 177; GAS RIGS 72

EZ/UK T-Bill Calendar: 13/14/28/50-Week BTF Auction on Monday

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 10 Feb

The Netherlands, Germany, Greece, Portugal, Italy are all due to hold auctions in the upcoming week.
Fixed Income BulletsHomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStory
  • The Netherlands, Germany, Greece, Portugal, Italy are all due to hold auctions in the upcoming week, whilst the EU is scheduled to hold a syndication.
  • We also pencil in syndications from Belgium, Germany, Italy and Spain with possible transactions from France, the ESM and Slovakia.
  • We look for estimated gross issuance for the week of E47.3bln, up from E24.7bln this week.
  • The upcoming week sees no redemptions while coupon payments for the week total E0.4bln of which E0.2bln are from EFSF-bonds.
  • This leaves estimated net flows for the week at positive E46.9bln, vs positive E0.1bln this week.

For more see the full including an overview of the next 2 weeks of issuance, and tables showing cash flows over the upcoming weeks, see the PDF here: EZ250210.pdf

Supply Next Week

  • The EU has a syndication scheduled for the upcoming week. We had been pencilling in a launch of a new 10-year EU-bond with either an October or December 2035 maturity. However, our conviction has reduced somewhat after the EU chose to reopen the current 10-year benchmark (the 3.00% Dec-34 EU-bond) at its auction on 27 January. This may indicate that a March launch could be possible for the new 10-year (rather than February). If we don’t see a new 10-year EU-bond launched, we think that the next most likely candidate would be a 20-year EU-bond maturing in 2045 (note that 2045 is one of only two years without an NGEU or SURE bond maturity).
  • On Tuesday, the Netherlands will hold an auction to sell E1.5-2.0bln of the 2.75% Jan-47 DSL (ISIN: NL0010721999).
  • Also on Tuesday, Germany will look to sell E5bln of the 2.40% Apr-30 Bobl (ISIN: DE000BU25042)
  • On Wednesday, Greece will hold a GGB auction. The details will be announced the preceding day. We note that Greece has reopened either a 5-year GGB or 10-year GGB at each of the last 16 auctions (every auction since July 2023).
  • On Wednesday, Germany will return to the market to hold a 30-year Bund auction. E1.5bln of the 0% Aug-50 Bund (ISIN: DE0001102481) will be on offer alongside E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Also on Wednesday, Portugal will hold an OT auction for E1.25-1.5bln. On offer will be the 2.25% Apr-34 OT (ISIN: PTOTEWOE0017), the 1.15% Apr-42 OT (ISIN: PTOTEPOE0032) and the 1.00% Apr-52 OT (ISIN: PTOTECOE0037).
  • On Thursday, Italy will hold a 3/7 and 15-50-year BTP auction. Details will be announced on Monday 10 February. We expect a reopening of the 3-year 2.70% Oct-27 BTP (ISIN: IT0005622128) alongside the 7-year 3.15% Nov-31 BTP (ISIN: IT0005619546) but we don’t have a strong conviction regarding the 15+ year BTP. We also note that there is a possibility that the 15+ year BTP auction is cancelled if we see a syndication earlier in the week.
450 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The Netherlands, Germany, Greece, Portugal, Italy are all due to hold auctions in the upcoming week, whilst the EU is scheduled to hold a syndication.
  • We also pencil in syndications from Belgium, Germany, Italy and Spain with possible transactions from France, the ESM and Slovakia.
  • We look for estimated gross issuance for the week of E47.3bln, up from E24.7bln this week.
  • The upcoming week sees no redemptions while coupon payments for the week total E0.4bln of which E0.2bln are from EFSF-bonds.
  • This leaves estimated net flows for the week at positive E46.9bln, vs positive E0.1bln this week.

For more see the full including an overview of the next 2 weeks of issuance, and tables showing cash flows over the upcoming weeks, see the PDF here: EZ250210.pdf

Supply Next Week

  • The EU has a syndication scheduled for the upcoming week. We had been pencilling in a launch of a new 10-year EU-bond with either an October or December 2035 maturity. However, our conviction has reduced somewhat after the EU chose to reopen the current 10-year benchmark (the 3.00% Dec-34 EU-bond) at its auction on 27 January. This may indicate that a March launch could be possible for the new 10-year (rather than February). If we don’t see a new 10-year EU-bond launched, we think that the next most likely candidate would be a 20-year EU-bond maturing in 2045 (note that 2045 is one of only two years without an NGEU or SURE bond maturity).
  • On Tuesday, the Netherlands will hold an auction to sell E1.5-2.0bln of the 2.75% Jan-47 DSL (ISIN: NL0010721999).
  • Also on Tuesday, Germany will look to sell E5bln of the 2.40% Apr-30 Bobl (ISIN: DE000BU25042)
  • On Wednesday, Greece will hold a GGB auction. The details will be announced the preceding day. We note that Greece has reopened either a 5-year GGB or 10-year GGB at each of the last 16 auctions (every auction since July 2023).
  • On Wednesday, Germany will return to the market to hold a 30-year Bund auction. E1.5bln of the 0% Aug-50 Bund (ISIN: DE0001102481) will be on offer alongside E1bln of the 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • Also on Wednesday, Portugal will hold an OT auction for E1.25-1.5bln. On offer will be the 2.25% Apr-34 OT (ISIN: PTOTEWOE0017), the 1.15% Apr-42 OT (ISIN: PTOTEPOE0032) and the 1.00% Apr-52 OT (ISIN: PTOTECOE0037).
  • On Thursday, Italy will hold a 3/7 and 15-50-year BTP auction. Details will be announced on Monday 10 February. We expect a reopening of the 3-year 2.70% Oct-27 BTP (ISIN: IT0005622128) alongside the 7-year 3.15% Nov-31 BTP (ISIN: IT0005619546) but we don’t have a strong conviction regarding the 15+ year BTP. We also note that there is a possibility that the 15+ year BTP auction is cancelled if we see a syndication earlier in the week.