MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 13 Jul

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• The EU, the Netherlands, Germany, Spain, France and potentially Greece will all look to hold auctions in the upcoming week.
• We look for gross issuance of E39.6bln for the week, down from E40.9bln this week.
• The upcoming week will see redemptions of E38.7bln, E17.2bln of which is from a formerly 10-year Dutch DSL, E16.2bln is from a formerly 7-year Italian BTP, E4.9bln is from a formerly 4-year Austrian RAGB and E0.4bln is from a formerly 5-year Croatian bond.
• Coupon payments for the week total E4.9bln of which E1.8bln are Dutch, E1.4bln from Italy, E1.0bln from Austria, E0.3bln from the EU and E0.2bln from the EFSF.
• This leaves estimated net flows for the week at negative E5.3bln, versus positive E14.0bln this week.