MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 27 Apr

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

Note this updates the document sent on Friday following the Italian auction announcement.

• The EFSF is likely to hold a syndication in the upcoming week while the EU, Belgium, the Netherlands, Italy and Germany will hold auctions.
• We look for gross issuance of E28.8bln for the week, up from E12.8bln last week.
• The upcoming week will see heavy redemptions totalling E54.7bln: E31.8bln of a formerly long 15-year French OAT and E23.0bln of a formerly 10-year Spanish Obli.
• Coupon payments for the week will total E19.4bln of which E9.1bln are French, E5.3bln are Italian and E5.0bln are Spanish.
• This leaves estimated net flows for the week at negative E45.4bln versus positive E11.3bln last week.