MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 3 Nov

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

• The EFSF is likely to hold a syndicated transaction early in the upcoming week while the EU, Austria, Germany, Spain, France and Belgium will all look to hold auctions.
• We pencil in issuance of E34.8bln for the week, up from E31.0bln this week.
• The upcoming week will see redemptions of E9.0bln: E8.0bln of a formerly 5-year EU SURE bond and E1.0bln of a formerly 10-year Cypriot bond.
• Coupon payments for the week total E5.1bln of which E4.1bln are Italian and E0.6bln are from the EU.
• This leaves estimated net flows for the week at positive E20.6bln, versus negative E43.6bln this week.