MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C 26 May

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

• Italy will look to issue a BTP Italia while there will be auctions from the Netherlands, Italy, and Germany.
• We also pencil in a Spanish 10-year syndication.
• We pencil in estimated gross issuance for the week of E30.1bln (excluding the BTP Italia), down from E37.3bln this week.
• The upcoming week sees large redemptions totalling E56.4bln: E37.8bln from a formerly 10-year OAT alongside E18.4bln from a formerly 5-year BTP Italia.
• Coupon payments for the week total E15.1bln of which E14.5bln are French, E0.3bln are Italian and E0.2bln are from the EFSF.
• This leaves estimated net flows for the week at negative E41.4bln, versus positive E36.6bln this week.