MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 15 Dec

See the full document here for a look ahead to the next two weeks of issuance, a recap of this week and a summary of 2026 funding plans released so far.

• The only scheduled operation in the upcoming week is a Belgian ORI operation for which we pencil in issuance of E0.5bln.
• Issuance plans for 2026 from Germany (Thursday), Italy (likely Friday) and potentially Greece and Portugal are likely as well as the H1-26 plan from the EU. We also expect confirmation from Finland and France for their 2026 funding plans.
• NOMINAL FLOWS: The upcoming week will see redemptions of E4.1bln, with the vast majority (E4.0bln) from a formerly long 3-year EFSF bond. Coupon payments for the week total E1.9bln of which E1.3bln are Italian, E0.3bln from the EU and E0.3bln from the EFSF. This leaves estimated net flows for the week at negative E5.5bln.
• We summarise 2026 funding plans from Austria, Belgium, the ESM/EFSF, Finland, France, Ireland, the Netherlands, Slovakia, Slovenia and Spain.