MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 25 Aug

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

• The EU, Belgium, Italy, Germany and Finland are due to hold auctions in the upcoming week. The ESM has also sent a Request for Proposal with regards to an upcoming transaction. Austria may also hold a syndication during the week, though the transaction we have pencilled in may come anytime between late August and mid-October.
• We pencil in issuance of E26.8bln for the week, up from E22.7bln the week prior.
• Next week sees no redemptions, as was the case in the week prior. Coupon payments for the week total E0.6bln, of which E0.5bln are Italian.
• This leaves estimated net flows for the week at a positive E26.2bln, up from E22.5bln the week prior.