MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 11 Aug

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• Finland and Germany are due to hold auctions in the upcoming week.
• We pencil in issuance of just E6.5bln in the week, down from E24.5bln this week.
• The upcoming week sees E43.9bln of redemptions, of which E30.5bln is from a formerly 10-year Bund and E13.4bln from a formerly 3-year BTP.
• Coupon payments for the week total E6.3bln of which E5.5bln are German and E0.8bln are Italian.
• This leaves estimated net flows for the week strongly negative at negative E43.8bln, versus positive E23.5bln this week.