MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C 19 May

Download Full Report Here

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

• The EFSF will likely hold a syndication in the upcoming week while Slovakia, the EU, Germany, Finland, Spain and France are all due to hold auctions.
• We pencil in estimated gross issuance for the week of E37.9bln,up from E34.1bln this week.
• The week ahead sees no redemptions.
• Coupon payments for the week total E0.7bln, of which E0.3bln are Italian and E0.2bln are Austrian.
• This leaves estimated net flows for the week at positive E37.2bln versus positive E10.2bln this week.