MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 30 Jun

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See the full document for a look ahead to the next two weeks of issuance, an update on Q3 issuance plans and a recap of this week.

• Germany, Spain and France look to hold conventional auctions in the upcoming week, while Belgium is scheduled to hold an ORI auction.
• We pencil in estimated gross issuance for the week of E25.0bln, down from E31.0bln this week.
• The upcoming week sees a E40.7bln of redemptions: E16.4bln of a formerly 5- year BTP, E6.3bln of a formerly 15-year RFGB and E18.0bln of a formerly 3-year EU-bond (the first large EU-bond redemption since the EU stepped up issuance).
• Coupon payments for the week total E9.5bln of which E6.0bln are German, E1.6bln Italian, E1.2bln from the EU and E0.6bln are Finnish.
• This leaves estimated net flows for the week at negative E25.2bn, versus positive E3.4bln this week.