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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 13 Jan

Italy, the Netherlands, Germany, Greece, and Spain look to hold auctions in the upcoming week.
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  • Italy, the Netherlands, Germany, Greece, and Spain look to hold auctions in the upcoming week.
  • We also have a scheduled syndication from the EU and pencil in syndications from Austria, Ireland and France. See the PDF for details.
  • We pencil in estimated gross issuance for the week at E45.6bln, down from E61.5bln this week.
  • The upcoming week sees E10.1bln of redemptions from an Italian CCTeu.
  • Coupon payments for the week total E5.5bln of which E4.1bln are Dutch and E1.3bln Italian.
  • This leaves estimated net flows for the week at positive E30.0bln, vs positive E57.5bln 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:

Supply Next Week

  • Italy will look to kick issuance off for the week on Monday with a 3/7 year BTP auction which sees both on-the-run issues reopened as expected. Note that the 15+ year portion of the auction has been cancelled due to the dual-tranche syndication on 8 January. On offer will be E2.50-2.75bln of the 2.70% Oct-27 BTP (ISIN: IT0005622128) and E2.75-3.00bln of the 3.15% Nov-31 BTP (ISIN: IT0005619546).
  • The EU has a syndication scheduled for the week ahead. We think the most likely new issues are 10-year, 3-year or 20-year (in that order).
  • On Tuesday, the Netherlands will sell E1.5-2.0bln of the on-the-run 30-year 2.00% Jan-54 DSL (ISIN: NL00150012X2).
  • Also on Tuesday, Germany will issue E5bln of the new Apr-30 Bobl (ISIN: DE000BU25042). The coupon will be confirmed on Monday.
  • On Wednesday, Greece will hold a GGB auction. The details will be announced the preceding day.
  • On Wednesday, Germany will return to the market to sell E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1.5bln of the 30-year 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • On Thursday, Spain will hold a Bono/Obli auction. On offer will be the on-the-run 5-year 2.70% Jan-30 Bono (ISIN: ES0000012O00), the 0.85% Jul-37 Obli (ISIN: ES0000012I24) and the 1.00% Oct-50 Obli (ISIN: ES0000012G00). We pencil in a E5.5-6.5bln auction size – with the size to be announced on Monday.
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  • Italy, the Netherlands, Germany, Greece, and Spain look to hold auctions in the upcoming week.
  • We also have a scheduled syndication from the EU and pencil in syndications from Austria, Ireland and France. See the PDF for details.
  • We pencil in estimated gross issuance for the week at E45.6bln, down from E61.5bln this week.
  • The upcoming week sees E10.1bln of redemptions from an Italian CCTeu.
  • Coupon payments for the week total E5.5bln of which E4.1bln are Dutch and E1.3bln Italian.
  • This leaves estimated net flows for the week at positive E30.0bln, vs positive E57.5bln 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:

Supply Next Week

  • Italy will look to kick issuance off for the week on Monday with a 3/7 year BTP auction which sees both on-the-run issues reopened as expected. Note that the 15+ year portion of the auction has been cancelled due to the dual-tranche syndication on 8 January. On offer will be E2.50-2.75bln of the 2.70% Oct-27 BTP (ISIN: IT0005622128) and E2.75-3.00bln of the 3.15% Nov-31 BTP (ISIN: IT0005619546).
  • The EU has a syndication scheduled for the week ahead. We think the most likely new issues are 10-year, 3-year or 20-year (in that order).
  • On Tuesday, the Netherlands will sell E1.5-2.0bln of the on-the-run 30-year 2.00% Jan-54 DSL (ISIN: NL00150012X2).
  • Also on Tuesday, Germany will issue E5bln of the new Apr-30 Bobl (ISIN: DE000BU25042). The coupon will be confirmed on Monday.
  • On Wednesday, Greece will hold a GGB auction. The details will be announced the preceding day.
  • On Wednesday, Germany will return to the market to sell E1bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614) alongside E1.5bln of the 30-year 2.50% Aug-54 Bund (ISIN: DE000BU2D004).
  • On Thursday, Spain will hold a Bono/Obli auction. On offer will be the on-the-run 5-year 2.70% Jan-30 Bono (ISIN: ES0000012O00), the 0.85% Jul-37 Obli (ISIN: ES0000012I24) and the 1.00% Oct-50 Obli (ISIN: ES0000012G00). We pencil in a E5.5-6.5bln auction size – with the size to be announced on Monday.