Free Trial

The past week saw intense and.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: The past week saw intense and syndication activity in SSA,
which created E27.7bln of govvie supply. Next week drops significantly to around
E12.7bln, although syndications are likely. 
- ISSUANCE: On Monday, Slovakia issues E74mln of 1.375% Jan-27 and E100mln of
1.875% Mar-37. On Wednesday Germany sells E1.5bln of Bund 1.25% Aug-48. Finally,
Spain and France undertake their usual bi-monthly auctions on Thursday. A new
10Y Spanish, 10Y Finnish, Belgium 15Y Green bond or 10Y non-Green are reasonable
syndication guesses to take advantage of the heavy cash inflows.
- CASH FLOWS: The ECB buys perhaps around E5bln per week. Additionally, there is
a E15.3bln BTP redemption, a E13.3bln Dutch redemption and E12.2bln Austrian
redemption on Monday totalling E41bln, alongside E5bln of coupon payments. We
count net issuance of E33.2bln, which is around 38bln once the ECB APP buying is
included.
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/ybnzlygd

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.