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

See the full document here for a look ahead to the next two weeks of issuance, a recap of this week and a summary of Q4 issuance updates.

• The ESM is likely to hold a syndication while the Netherlands, Italy, Germany, Spain, France and potentially Greece will all hold auctions in the upcoming week. There is also the potential for a Slovakian syndication, but we think the W/C 20 October is slightly more likely.
• We pencil in issuance of E38.0bln for the week, up from E20.5bln this week.
• The upcoming week will see redemptions of E19.4bln: E11.4bln of a formerly 10-year Portuguese OT, E5.0bln from a formerly long 5-year EFSF bond and E3.0bln from a formerly 5-year Slovakian SlovGB.
• Coupon payments for the week total E3.6bln of which E1.1bln are German, E1.0bln Italian, E0.8bln Portuguese, E0.4bln from the EU and E0.2bln Slovakian.
• This leaves estimated net flows for the week at positive E14.9bln, versus negative E19.1bln this week.