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

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

• The EFSF is likely to hold a syndicated transaction in the upcoming week. Germany, Spain and France are due to hold auctions in the week. Belgium will hold an ORI operation as well as closing its latest Bons d’ Etat retail offering during the week.
• We pencil in issuance of E30.3bln for the week (excluding retail) up a little from E29.5bln this week.
• The upcoming week once again sees no redemptions. Coupon payments for the week total E8.2bln, of which E7.6bln are Italian and E0.4bln are from the EFSF.
• This leaves estimated net flows for the week at a positive E22.1bln, down from 28.9bln this week.