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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 17 Mar

Slovakia, Finland, Germany, Spain, France and Ireland, are all due to hold auctions in the upcoming week.
HomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStory

Download Full Report Here

The PDF contains a detailed breakdown of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks.

  • Slovakia, Finland, Germany, Spain, France and Ireland are all due to hold auctions in the upcoming week.
  • We look for estimated gross issuance for the week of E26.4bln, vsE32.2bln this week.
  • The upcoming week sees no redemptions.
  • Coupon payments for the week total E4.5bln of which E2.2bln are Italian, E1.2bln are Austrian, E0.5bln are German and E0.3bln are Greek.
  • This leaves estimated net flows for the week at positive E21.9bln, vs negative E8.3bln this week.

Supply Next Week

  • On Monday, Slovakia will hold a SlovGB auction to sell the 3.625% Jun-33 SlovGB (ISIN: SK4000023230), the 3.75% Mar-34 SlovGB (ISIN: SK4000024865), the 3.75% Feb-35 SlovGB (ISIN: SK4000022539) and the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
  • On Tuesday, Finland will hold a conventional auction to a sell combined E1.0-1.5bln of the 3.00% Sep-34 RFGB (ISIN: FI4000571104) and the 2.75% Apr-38 RFGB (ISIN: FI4000546528).
  • Also on Wednesday, Germany will hold a 30-year Bund auction to sell E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
  • On Thursday, Spain will hold a Bono/Obli auction to sell the off-the-run 0.50% Apr-30 Obli (ISIN: ES0000012F76), the on-the-run 10-year 3.15% Apr-35 Obli (ISIN: ES0000012O67) and the 3.45% Jul-43 Obli (ISIN: ES0000012K95) The size will be announced on Monday 17 March.
  • Also on Thursday, France will hold a MT OAT auction with a combined E11.5-13.5bln on offer: the on-the-run 2.40% Sep-28 OAT (ISIN: FR001400XLW2) and 2.75% Feb-30 OAT (ISIN: FR001400PM68), alongside the 0% May-32 OAT (ISIN: FR0014007L00) and the 3.00% May-33 OAT (ISIN: FR001400H7V7).
  • Next on Thursday, Ireland will hold a IGB auction. Details will be announced Monday 17 March. We expect two lines to be on offer with a good chance of a 10-year issue (either the 2.60% Oct-34 IGB or 0.40% May-35 IGB) and/or a green bond (the 1.35% Mar-31 Green IGB or the 3.00% Oct-43 Green IGB).
  • Later on Thursday, France will return to the market to hold a IL OAT auction to sell a combined E1.5-2.0bln. On offer will be the 0.60% Jul-34 OATei (ISIN: FR001400JI88), the 1.80% Jul-40 OATei (ISIN: FR0010447367), the 0.10% Jul-53 OATei (ISIN: FR0014008181) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).

Cancelled auction: Note that due to this week’s syndication / switch and tender operation, the PDMA has announced that the auction that was previously scheduled for Wednesday has been cancelled

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Download Full Report Here

The PDF contains a detailed breakdown of the next 2 weeks of issuance, a recap of this week's issuance and tables showing cash flows over the upcoming weeks.

  • Slovakia, Finland, Germany, Spain, France and Ireland are all due to hold auctions in the upcoming week.
  • We look for estimated gross issuance for the week of E26.4bln, vsE32.2bln this week.
  • The upcoming week sees no redemptions.
  • Coupon payments for the week total E4.5bln of which E2.2bln are Italian, E1.2bln are Austrian, E0.5bln are German and E0.3bln are Greek.
  • This leaves estimated net flows for the week at positive E21.9bln, vs negative E8.3bln this week.

Supply Next Week

  • On Monday, Slovakia will hold a SlovGB auction to sell the 3.625% Jun-33 SlovGB (ISIN: SK4000023230), the 3.75% Mar-34 SlovGB (ISIN: SK4000024865), the 3.75% Feb-35 SlovGB (ISIN: SK4000022539) and the 1.00% Oct-51 SlovGB (ISIN: SK4000019857).
  • On Tuesday, Finland will hold a conventional auction to a sell combined E1.0-1.5bln of the 3.00% Sep-34 RFGB (ISIN: FI4000571104) and the 2.75% Apr-38 RFGB (ISIN: FI4000546528).
  • Also on Wednesday, Germany will hold a 30-year Bund auction to sell E1.0bln of the 0% Aug-50 Bund (ISIN: DE0001102481) alongside E1.5bln of the 1.80% Aug-53 Bund (ISIN: DE0001102614).
  • On Thursday, Spain will hold a Bono/Obli auction to sell the off-the-run 0.50% Apr-30 Obli (ISIN: ES0000012F76), the on-the-run 10-year 3.15% Apr-35 Obli (ISIN: ES0000012O67) and the 3.45% Jul-43 Obli (ISIN: ES0000012K95) The size will be announced on Monday 17 March.
  • Also on Thursday, France will hold a MT OAT auction with a combined E11.5-13.5bln on offer: the on-the-run 2.40% Sep-28 OAT (ISIN: FR001400XLW2) and 2.75% Feb-30 OAT (ISIN: FR001400PM68), alongside the 0% May-32 OAT (ISIN: FR0014007L00) and the 3.00% May-33 OAT (ISIN: FR001400H7V7).
  • Next on Thursday, Ireland will hold a IGB auction. Details will be announced Monday 17 March. We expect two lines to be on offer with a good chance of a 10-year issue (either the 2.60% Oct-34 IGB or 0.40% May-35 IGB) and/or a green bond (the 1.35% Mar-31 Green IGB or the 3.00% Oct-43 Green IGB).
  • Later on Thursday, France will return to the market to hold a IL OAT auction to sell a combined E1.5-2.0bln. On offer will be the 0.60% Jul-34 OATei (ISIN: FR001400JI88), the 1.80% Jul-40 OATei (ISIN: FR0010447367), the 0.10% Jul-53 OATei (ISIN: FR0014008181) and the 0.10% Mar-36 OATi (ISIN: FR0013524014).

Cancelled auction: Note that due to this week’s syndication / switch and tender operation, the PDMA has announced that the auction that was previously scheduled for Wednesday has been cancelled