MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 14 Apr

Download Full Report Here: EZ250414.pdf

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.

• Germany, Finland, Greece and France are all due to hold auctions in the upcoming week.
• There is also the potential for Austrian, Belgian, Finnish and Italian syndications in upcoming weeks, although the timing of these are more uncertain than usual given the recent market volatility.
• We look for estimated gross issuance for the week of E22.8bln, down from E32.6bln this week.
• The upcoming week sees a single redemption of E16.2bln from an Italian CCTeu.
• Coupon payments for the week total E6.2bln of which E3.1bln are German, E1.1bln are Portuguese, E1.0bln are Italian and E1.0bln are Finnish.
• This leaves estimated net flows for the week at positive E0.3bln, vs E9.1bln this week.

Supply Next Week

• On Tuesday, Germany will look to sell E4.5bln of the 2.40% Apr-30 Bobl (ISIN: DE000BU25042).
• Also on Tuesday, Finland will hold a conventional auction to sell a combined E1.5bln of the 0.125% Sep-31 RFGB (ISIN: FI4000507231) and the 2.95% Apr-55 RFGB (ISIN: FI4000566294).
• On Wednesday, Greece will hold a GGB auction. The bonds on offer and size will be announced the preceding day.
• Germany will return to the market on Wednesday to hold a 30-year Bund auction to issue E1.0bln of the 0% Aug-52 Bund (ISIN: DE0001102572) alongside E1.5bln of the 2.90% Aug-56 Bund (ISIN: DE000BU2D012).
• On Thursday, France will hold a MT OAT auction to sell a combined E10-12bln of the 2.40% Sep-28 OAT (ISIN: FR001400XLW2), the new 2.70% Feb-31 OAT (ISIN: tbc) and the 2.00% Nov-32 OAT (ISIN: FR001400BKZ3).
• France will return later on Thursday to hold an IL OAT auction to sell a combined E1.5-2.0bln of the 0.60% Jul-34 OATei (ISIN: FR001400JI88), the 0.10% Jul-36 OATei (ISIN: FR0013327491), the 0.55% Mar-39 OATi (ISIN: FR001400IKW5) and the 0.10% Jul-53 OATei (ISIN: FR0014008181).