MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C Nov 7

• The Netherlands, Austria, Germany and Italy will all look to issue bonds in the upcoming week. We look for estimated gross nominal issuance of E22.1bln from announced operations, up from this week’s E16.2bln.
• The upcoming week will see no redemptions and coupons of just E0.1bln.
• With estimated gross issuance of E22.1bln, MNI estimates net nominal issuance of positive E22.0bln in the week ahead, up from this week’s negative E38.1bln.

Full document:

EZ221107.pdf

Week Ahead Supply:

• The Netherlands will kick off euro issuance for the week on Tuesday, with E1.5-2.5bln of the 0.50% Jul-32 DSL (ISIN: NL0015000RP1) on offer.
• Austria will then come to the market to sell a combined E1.15bln of the 0% Oct-28 RAGB (ISIN: AT0000A2VB47) and the 0.90% Feb-32 RAGB (ISIN: AT0000A2WSC8)
• Tuesday’s issuance will conclude with Germany launching a new Schatz: E6bln of the new Dec-24 Schatz (ISIN: DE0001104909) will be on offer.
• Germany will return to the market on Wednesday to reopen E4bln of the 1.70% Aug-32 Bund (ISIN: DE0001102606).
• Italy will conclude issuance for the week with a BTP auction. Details will be announced on Tuesday. We expect the 3-year 3.50% Jan-26 BTP (ISIN: IT0005514473) will be reopened and a new 7-year Dec-29 BTP will be launched. We have less conviction on the 15-50-year BTPs on offer.