MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 20 Oct

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

• Slovakia, the EU, Finland and Germany all look to hold auctions in the upcoming week while Italy will look to launch a retail-only BTP Valore and we pencil in a Slovakian syndication. There is also the potential for a Slovakian syndication.
• We pencil in issuance of E14.1bln for the week (excluding retail), down from E38.8bln this week.
• The upcoming week will see redemptions of E14.3bln: primarily E13.3bln of a formerly 10-year Austrian RAGB and E0.8bln of a formerly 10-year Lithuanian bond.
• Coupon payments for the week total E3.9bln of which E1.2bln are Austrian, E1.0bln Belgian, E0.7bln German, E0.5bln Irish and E0.2bln Portuguese.
• This leaves estimated net flows for the week at negative E4.1bln versus positive E15.8bln this week.