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See the full document for a look ahead to the next two weeks of issuance, an update on Q3 issuance plans and a recap of this week.
- The EU is scheduled to hold a syndication while Slovakia, Germany, Spain and France will look to hold auctions in the upcoming week.
- We pencil in estimated gross issuance for the week of E33.4bln, up from E21.7bln this week.
- The upcoming week sees no redemptions and coupon payments totalling E3.9bln of which E1.2bln are Italian, E1.0bln are Greek, E0.6bln are Portuguese, E0.6bln are German and E0.3bln are Austrian.
- This leaves estimated net flows for the week at positive E30.6bln, notably higher than this week’s positive E3.0bln.