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

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We have updated the document published on Friday to include Italy’s 3/7/LT BTP auction announcement.

• The EU is scheduled to hold a syndication, while the Netherlands, Germany, Italy and Portugal will all look to hold auctions in the upcoming week.
• As noted on page 2 of the document, there is also a good chance that we see another syndication in the week with Ireland and Belgium the primary candidates.
• We look for gross issuance of E40.4bln for the week, up from E32.7bln this week.
• The upcoming week will see redemptions totalling E24.9bln: most notably E11.7bln from a formerly 6-year Italian BTPei, E11.6bln from a formerly 10-year Irish IGB and E1.3bln from a formerly 10-year Slovakian SlovGB.
• Coupon payments for the week total E5.2bln of which E3.1bln are Italian, E1.0bln are German and E0.9bln are Irish.
• This leaves estimated net flows for the week at positive E10.3bln, down from positive E32.1bln this week.