MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 28 Jul

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

• Note: This corrects the Italian amounts and adds note on cancelled Italian auctions.
• Belgium, Germany and Italy look to hold auctions in the upcoming week.
• We pencil in issuance of E17.0bln in the week, up from last week’s E10.8bln.
• The upcoming week sees E26.2bln of redemptions: E24.2bln from a formerly 5-year Spanish Bono and E1.9bln from a formerly 10-year SLOREP.
• Coupon payments for the week total E17.2bln of which E11.2bln are Spanish, E5.8bln are Italian and E0.2bln are from the EFSF.
• This leaves estimated net flows for the week at negative E26.4bln, down from this week’s positive E2.8bln.