MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 15 Sep

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• Slovakia, Germany, Finland, Greece, Spain and France are all scheduled to hold auctions in the upcoming week.
• We pencil in issuance of E27.4bln for the week, down marginally from this week’s E28.0bln.
• The W/C 15 September will see redemptions of E36.1bln, most notably E17.0bln from a German Schatz, E14.0bln from an Italian CCTeu and E5.1bln from a formerly 10-year RFGB. Coupon payments for the week total E4.5bln of which E2.3bln are Italian, E1.0bln German, E0.9bln are Finnish and E0.2bln from the ESM.
• This leaves estimated net flows for the week at a negative E12.0bln, versus positive E25.4bln this week.