MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 2 Feb

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

• Germany, Spain and France are scheduled to hold conventional auctions in the upcoming week while Finland and Belgium are both scheduled to hold ORI auctions. The ESM has also sent an RFP for a syndicated transaction that we expected to take place towards the beginning of the week. We look for issuance of E29.1bln for the week, down from E42.8bln this week.
• The upcoming week will see redemptions of E38.8bln: E21.3bln from a formerly 5-year Spanish Bono and E17.5bln from formerly 5-year BTP.
• Coupon payments for the week total E10.9bln: E5.8bln Italian, E3.2bln Spanish, E1.6bln and from the EU.
• This leaves estimated net flows for the week at negative E20.6bln, almost a reverse of the positive E22.3bln this week.