MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C 28-Apr

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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.

• The EU, Belgium, Italy and Germany all look to hold auctions in the week ahead.
• There are also possible Belgian and Finnish syndications in upcoming weeks.
• We pencil in estimated gross issuance for the week of E24.6bln, up from the E20.5bln sold this week.
• The week ahead sees redemptions of E26.2bln: E21.7bln of a formerly 10-year Spanish Obli, E3.0bln of a formerly 10-year EFSF bond and E1.5bln of a formerly 5-year Luxembourg LGB.
• Coupon payments for the week total E9.6bln of which E5.0bln are Italian and E4.5bln are Spanish.
• This leaves estimated net flows for the week at negative E11.3bln versus positive E1.1bln this week.