MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 5 Jan

See the full document here for a look ahead to the next two weeks of issuance, a recap of this week, a summary of 2026 funding plans, and our expectations for syndicated issuance in January.

• Germany, Spain, and France are scheduled to kick off auction issuance for the year in the upcoming week. Slovenia will also hold a syndication in the week with syndications also possible from Austria, Belgium, Germany, Ireland, Portugal and the EFSF.
• We pencil in issuance of E55.5bln for the week, after this week saw no scheduled operations amid the holiday period.
• The upcoming week will see no redemptions.
• Coupon payments for the week total E4.1bln of which E4.0bln are from Germany.
• This leaves estimated net flows for the week at positive E51.4bln, versus negative E1.4bln last week.