MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 7 Jul

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

• The EU is scheduled to hold a syndication in the upcoming week with the Netherlands, Austria, Germany, Portugal and Italy looking to hold auctions.
• We pencil in estimated gross issuance for the week of E29.4bln, up from E25.3bln this week.
• The upcoming week sees E4.4bln of redemptions, most notably E3.5bln of a formerly 8- year EFSF bond and E0.8bln of a formerly 10-year CROATE.
• Coupon payments for the week total E0.5bln of which E0.3bln are from the EU and E0.2bln from the EFSF.
• This leaves estimated net flows for the week at positive E24.5bn, versus negative E29.9bln this week.