MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 29 Sep

See the full document here for a look ahead to the next two weeks of issuance, a recap of this week and a summary of Q4 issuance updates.

• Germany, Spain and France are all scheduled to hold auctions in the upcoming week.
• We pencil in issuance of E22.9bln for the week, down from E41.2bln this week.
• The upcoming week will see a redemption of E15.5bln from a BTP Short Term.
• Coupon payments total E3.5bln of which E3.2bln are Italian. 
• This leaves estimated net flows for the week at positive E3.9bln, versus positive E31.1bln this week.
• We also expect to receive the Q4 funding plans from Finland (we pencil in two bond auctions with syndications for the year completed), Ireland (0-1 auctions) and Portugal (we expect only exchange auctions for the remainder of the year unless there are buybacks).