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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 20 Jan

Slovakia, Germany and France are due to hold auctions; we look for syndications from Austria, EFSF, Finland and Spain.
HomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStory
  • Slovakia, Germany and France are all due to hold auctions in the upcoming week while the EFSF is expected to hold a syndication.
  • We pencil in further syndications from Austria, Finland and Spain.
  • We look for estimated gross issuance for the week at E50.5bln, up from E40.9bln this week.
  • The upcoming week sees no redemptions.
  • Coupon payments for the week total E0.3bln of which E0.1bln are Slovakian and E0.1bln Greek.
  • This leaves estimated net flows for the week at positive E50.2bln, vs E25.4bln 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: EZ250120.pdf

Supply Next Week

  • The EFSF has sent an RFP with regards to an upcoming syndicated transaction. We expect this to take place on Monday or Tuesday and see E6.0bln as the minimum transaction size with a larger transaction very possible.
  • On Monday, Slovakia will hold a 3/8/9/20-year SlovGB auction. On offer will be the 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230), the 3.75% Mar-34 SlovGB (ISIN: SK4000024865) and the 4.00% Feb-43 SlovGB (ISIN: SK4000022547).
    • Note that this will be the first reopening of the 4.00% Feb-43 SlovGB since its syndicated launch in February 2023.
  • On Tuesday, Germany will hold a Green auction to sell E1bln of the 2.10% Apr-29 Green Bobl (ISIN: DE000BU35025) and E1bln of the 2.30% Feb-33 Green Bund (ISIN: DE000BU3Z005).
  • On Wednesday, Germany will hold a 15-year Bund auction, looking to sell E1.5bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of the 2.50% Jul-44 Bund (ISIN: DE0001135481).
  • On Thursday 23 January, France will hold an MT OATs auction to sell a combined E11.0-13.0bln of the 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the 5.50% Apr-29 OAT (ISIN: FR0000571218) and the 2.75% Feb-30 OAT (ISIN: FR001400PM68).
  • On Thursday 23 January, France has announced it will also an I/L OATs auction to sell a combined E1.5-2.25bln of 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 0.55% Mar-39 OATi (ISIN: FR001400IKW5).

 

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  • Slovakia, Germany and France are all due to hold auctions in the upcoming week while the EFSF is expected to hold a syndication.
  • We pencil in further syndications from Austria, Finland and Spain.
  • We look for estimated gross issuance for the week at E50.5bln, up from E40.9bln this week.
  • The upcoming week sees no redemptions.
  • Coupon payments for the week total E0.3bln of which E0.1bln are Slovakian and E0.1bln Greek.
  • This leaves estimated net flows for the week at positive E50.2bln, vs E25.4bln 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: EZ250120.pdf

Supply Next Week

  • The EFSF has sent an RFP with regards to an upcoming syndicated transaction. We expect this to take place on Monday or Tuesday and see E6.0bln as the minimum transaction size with a larger transaction very possible.
  • On Monday, Slovakia will hold a 3/8/9/20-year SlovGB auction. On offer will be the 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.625% Jun-33 SlovGB (ISIN: SK4000023230), the 3.75% Mar-34 SlovGB (ISIN: SK4000024865) and the 4.00% Feb-43 SlovGB (ISIN: SK4000022547).
    • Note that this will be the first reopening of the 4.00% Feb-43 SlovGB since its syndicated launch in February 2023.
  • On Tuesday, Germany will hold a Green auction to sell E1bln of the 2.10% Apr-29 Green Bobl (ISIN: DE000BU35025) and E1bln of the 2.30% Feb-33 Green Bund (ISIN: DE000BU3Z005).
  • On Wednesday, Germany will hold a 15-year Bund auction, looking to sell E1.5bln of the 2.60% May-41 Bund (ISIN: DE000BU2F009) alongside E500mln of the 2.50% Jul-44 Bund (ISIN: DE0001135481).
  • On Thursday 23 January, France will hold an MT OATs auction to sell a combined E11.0-13.0bln of the 2.50% Sep-27 OAT (ISIN: FR001400NBC6), the 5.50% Apr-29 OAT (ISIN: FR0000571218) and the 2.75% Feb-30 OAT (ISIN: FR001400PM68).
  • On Thursday 23 January, France has announced it will also an I/L OATs auction to sell a combined E1.5-2.25bln of 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 0.55% Mar-39 OATi (ISIN: FR001400IKW5).