MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 14 Jul

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

• The EU, Germany, Spain and France are all due to hold auctions in the upcoming week.
• We pencil in estimated gross issuance for the week of E31.2bln, a bit higher than the E30.3bln issued this week.
• The upcoming week sees E20.1bln of redemptions, the majority (E19.9bln) from a formerly 10-year Netherlands DSL.
• Coupon payments for the week total E4.5bln of which E1.4bln are Dutch, E1.4bln are Italian, E0.9bln are Austrian and E0.3bln are Greek.
• This leaves estimated net flows for the week at positive E6.7bn, down from positive E25.4bln this week.