MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 1 Dec

See the full document here for a look ahead to the next two weeks of issuance and recap of this week.

• The EU, Germany, Spain and France will all look to hold auctions in the upcoming week while Belgium will continue to sell its retail Bons d’Etat. We also see the potential for another Italian buyback, but do not include that in our central expectation.
• We pencil in issuance of E18.6bln for the week (ex retail), down from E25.3bln this week.
• The upcoming week will see a redemption of E18.4bln from a formerly 10-year BTP.
• Coupon payments for the week total E7.5bln of which E2.7bln are from the EU, E2.6bln are Spanish and E2.1bln Italian.
• This leaves estimated net flows for the week at negative E7.3bln, versus negative E15.9bln this week.