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

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.

• Slovakia, the EU, Austria, Germany, Spain and France will look to hold auctions in the upcoming week.
• We pencil in estimated gross issuance for the week of E30.6bln, down from E50.0bln this week.
• The upcoming week sees another week of large redemptions totalling E40.7bln: E20.4bln from a formerly 3-year Spanish Obli alongside E20.3bln from a formerly 10-year Italian BTP.
• Coupon payments for the week total E3.7bln of which E2.2bln are Italian and E1.4bln are Spanish.
• This leaves estimated net flows for the week at negative E13.9bln, versus negative E21.5bln this week.