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MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 6 Jan

Austria, Germany, Portugal, Spain and France are all due to hold auctions in the upcoming week.
HomepageEurozoneGlobal IssuanceGlobal Issuance - EurozoneMarketsStory
  • Austria, Germany, Spain and France are all due to hold auctions in the upcoming week. We also pencil in syndications from Belgium, Ireland, Italy, Portugal and Slovenia. We estimate gross issuance for the week at E56.3bln.
  • The upcoming week sees no redemptions and coupon payments for the week of E4.1bln (of which E4.0bln are German).
  • This leaves estimated net flows for the week at positive E52.3bln.

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: EZ250106.pdf

Supply Next Week

  • On Tuesday, Austria will hold a 5/50-year RAGB auction with a combined E2.013bln of the 2.50% Oct-29 RAGB (ISIN: AT0000A3EPP2) andthe 0.70% Apr-71 RAGB (ISIN: AT0000A2QQB6) on offer.
  • On Tuesday, Germany will sell E4.5bln of the 2.00% Dec-26 Schatz (ISIN: DE000BU22072).
  • On Wednesday, Germany will return to sell E5bln of the new Feb-35 Bund (ISIN: DE000BU2Z049). The coupon will be announced on Tuesday morning.
  • On Thursday, Spain will hold a Bono/Obli and ObliEi auction. On offer will be a combined E5.5-6.5bln of nominals including the new 3-year 2.40% May-28 Bono (ISIN: ES0000012O59), the on-the-run 7-year 3.10% Jul-31 Obli (ISIN: ES0000012N43) and the off-the-run 20-year 2.90% Oct-46 Obli (ISIN: ES00000128C6). Alongside this E250-750mln of the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69) will be on offer.
  • Finally on Thursday, France will hold an LT OAT auction for a combined E11.0-13.0bln. This matches the largest auction size of 2024, but given this year’s higher issuance target should be no surprise. On offer will be on-the-run 10/20/30-year OATs and an off-the-run 12-year issue: the 3.00% Nov-34 OAT (ISIN: FR001400QMF9), the 1.25% May-36 OAT (ISIN: FR0013154044), the 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 3.25% May-55 OAT (ISIN: FR001400OHF4).
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  • Austria, Germany, Spain and France are all due to hold auctions in the upcoming week. We also pencil in syndications from Belgium, Ireland, Italy, Portugal and Slovenia. We estimate gross issuance for the week at E56.3bln.
  • The upcoming week sees no redemptions and coupon payments for the week of E4.1bln (of which E4.0bln are German).
  • This leaves estimated net flows for the week at positive E52.3bln.

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: EZ250106.pdf

Supply Next Week

  • On Tuesday, Austria will hold a 5/50-year RAGB auction with a combined E2.013bln of the 2.50% Oct-29 RAGB (ISIN: AT0000A3EPP2) andthe 0.70% Apr-71 RAGB (ISIN: AT0000A2QQB6) on offer.
  • On Tuesday, Germany will sell E4.5bln of the 2.00% Dec-26 Schatz (ISIN: DE000BU22072).
  • On Wednesday, Germany will return to sell E5bln of the new Feb-35 Bund (ISIN: DE000BU2Z049). The coupon will be announced on Tuesday morning.
  • On Thursday, Spain will hold a Bono/Obli and ObliEi auction. On offer will be a combined E5.5-6.5bln of nominals including the new 3-year 2.40% May-28 Bono (ISIN: ES0000012O59), the on-the-run 7-year 3.10% Jul-31 Obli (ISIN: ES0000012N43) and the off-the-run 20-year 2.90% Oct-46 Obli (ISIN: ES00000128C6). Alongside this E250-750mln of the 2.05% Nov-39 Obli-Ei (ISIN: ES0000012M69) will be on offer.
  • Finally on Thursday, France will hold an LT OAT auction for a combined E11.0-13.0bln. This matches the largest auction size of 2024, but given this year’s higher issuance target should be no surprise. On offer will be on-the-run 10/20/30-year OATs and an off-the-run 12-year issue: the 3.00% Nov-34 OAT (ISIN: FR001400QMF9), the 1.25% May-36 OAT (ISIN: FR0013154044), the 2.50% May-43 OAT (ISIN: FR001400CMX2) and the 3.25% May-55 OAT (ISIN: FR001400OHF4).