MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 8 Sep

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

• The EU is scheduled to hold a syndication while the Netherlands, Austria, Germany, Portugal, Ireland and Italy will hold auctions in the upcoming week.
• We pencil in issuance of E22.0bln for the week, down from E48.9bln this week.
• The upcoming week will see the redemption of the ESM’s formerly 5-year USD3bln bond. Coupon payments for the week are negligible.
• This leaves estimated net flows for the week at a positive E19.4bln, down from positive E40.8bln this week.