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

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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.

• The ESM has issued an RFP for a syndicated transaction while the Netherlands, Germany, Finland, Portugal and Italy will look to hold auctions in the upcoming week.
• We pencil in estimated gross issuance for the week of E21.7bln, down from E47.2bln this week.
• The week ahead sees a single E17.5bln German Schatz redemption.
• Coupon payments for the week total E0.8bln of which E0.5bln are German and E0.2bln are Slovakian.
• This leaves estimated net flows for the week at a positive E3.3bln, versus E2.8bln this week.