MNI EGB Issuance, Redemption and Cash Flow Matrix - W/C 5 May

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

• Austria, Germany, France, Spain and Ireland all look to hold auctions in the upcoming week.
• There is also a possible Belgian syndication in upcoming weeks.
• We pencil in estimated gross issuance for the week of E26.1bln, down from E35.0bln this week.
• The week ahead sees a single redemption of E1.0bln from a formerly 5-year Lithuanian bond.
• Coupon payments for the week total E0.4bln.
• This leaves estimated net flows for the week at positive E24.8bln versus negative E0.9bln this week.