MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 19 Jan

Slovakia, Germany and France are all scheduled to hold auctions in the upcoming week and we also pencil in a 10-year Spanish syndication and an Austrian multi-tranche syndication. We look for issuance of E39.5bln for the week, down from E67.6bln this week.

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• Slovakia will look to kick off auction issuance for the week on Monday. On offer will be the 3.00% Feb-28 SlovGB (ISIN: SK4000024683), the 3.00% Nov-31 SlovGB (ISIN: SK4000026241), the 3.625% Nov-37 SlovGB (ISIN: SK4000028304) and the 4.00% Feb-43 SlovGB (ISIN: SK4000022547).
• Germany will come to the market on Wednesday with E1bln of each of the 15-year 2.60% May-41 Bund (ISIN: DE000BU2F009) and the 30-year 2.90% Aug-56 Bund (ISIN: DE000BU2D012) on offer.
  • The choice of the 2.90% Aug-56 Bund is interesting given that it was reopened on Wednesday 14 January, too. This Bund saw the strongest demand of the three on offer.
• France will look to hold a MT OAT auction on Thursday for a combined E11.5-13.5bln. Both the on-the-run 2.40% Sep-28 OAT (ISIN: FR001400XLW2) and the 2.70% Feb-31 OAT (ISIN: FR001400Z2L7) will be on offer alongside the 2.75% Feb-29 OAT (ISIN: FR001400HI98) and the 3.00% May-33 OAT (ISIN: FR001400H7V7).
  • With the AFT choosing not to launch a new long 3-year OAT in this auction, we look for the usual February launch of a new OAT likely maturing September 2029.
• France will return to the market later on Thursday to hold an IL OAT auction for a combined E1.25-1.75bln. On offer will be the 0.10% Mar-29 OATei (ISIN: FR0013410552), the 0.10% Jul-36 OATei (ISIN: FR0013327491), the 0.10% Jul-53 OATei (ISIN: FR0014008181) and the 0.55% Mar-39 OATi (ISIN: FR001400IKW5).