MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 9 Feb

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

• The EU is scheduled to hold a syndication while the Netherlands, Austria, Germany, Portugal and Italy are all scheduled to hold auctions in the upcoming week. There is also a potential auction from Greece.
• We pencil in gross issuance of E30.0bln for the week, down from E51.6bln this week.
• The upcoming week will see redemptions of E6.7bln: E3.2bln from a formerly 5-year GGB, E1.5bln from a formerly 2-year SlovGB, E1.0bln of a formerly 4-year SLOREP and E1.0bln of a formerly 5-year CYPRUS.
• Coupon payments for the week total E0.6bln: E0.2bln from the EFSF and E0.2bln Slovakian.
• This leaves estimated net flows for the week at positive E22.7bln, versus positive E1.9bln this week.