MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 23 Jun

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See the full document for a look ahead to the next two weeks of issuance, an update on Q3 issuance plans and a recap of this week.

• The EU, Belgium, Germany and Italy are scheduled to hold auctions in the upcoming week, while Finland is due to hold an ORI auction.
• We pencil in estimated gross issuance for the week of E27.3bln, a little lower than the E28.9bln this week.
• The upcoming week sees a E21.3bln redemption from a formerly 10-year Belgian OLO. Coupon payments for the week total E6.3bln of which E4.9bln are Belgian and E1.2bln are French.
• This leaves estimated net flows for the week close to flat, at negative E0.4bn, versus positive E25.0bln this week.