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

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• The EU will look to hold a syndication while Germany, Finland, Spain and France will look to hold auctions in the upcoming week. We also pencil in a syndication from Italy.
• We look for gross issuance of E45.0bln in the week, up from E24.9bln this week.
• The upcoming week will see large redemptions of E58.7bln: E19.0bln from a German Schatz, E17.6bln from a formerly 5-year Italian BTPei, E15.5bln from a formerly 3-year BTP, E4.0bln from a formerly 5-year RFGB and USD3.0bln from a formerly 3-year ESM USD bond.
• Coupon payments for the week total E5.3bln of which E2.9bln are Italian, E1.2bln Finnish and E0.9bln German.
• This leaves estimated net flows for the week at negative E18.9bln, versus positive E24.4bln this week.