MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 16 Mar

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

• Luxembourg will potentially hold a syndication while Slovakia, Finland, Germany, Spain and France will hold auctions in the upcoming week.
• We look for gross issuance of E26.2bln for the week, down from E29.5bln this week.
• The upcoming week will see E30.3bln of redemptions: E10.4bln of a formerly long 15-year Austrian RAGB, E19.0bln of a German Schatz and E0.9bln of Greek GGBs held by the ECB (E697mln through the SMP programme and E240mln held through the ANFA programme).
• Coupon payments for the week total E4.9bln of which E2.6bln are Italian, E1.3bln Austrian, E0.5bln German, E0.2bln Greek and another E0.2bln from the ESM.
• This leaves estimated net flows for the week at negative E9.0bln, versus positive E28.6bln this week.