MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C 12 May

Download Full Report Here: EZ250512.pdf

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

• The EU looks to hold a syndication while the Netherlands, Italy, Germany and Portugal all look to hold auctions in the upcoming week.
• We pencil in estimated gross issuance for the week of E31.4bln, broadly similar to this week’s E31.8bln.
• The week ahead sees redemptions of E19.4bln: E3.0bln from a formerly 5-year SlovGB and E16.4bln from a formerly 7-year BTP.
• Coupon payments for the week total E4.5bln.
• This leaves estimated net flows for the week at positive E7.5bln versus positive E25.5bln this week.