MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 21 Jul

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

• Germany and Italy look to hold auctions in the upcoming week.
• We pencil in a summer slowdown in issuance to E11.5bln, down from E31.7bln this week.
• The upcoming week sees E0.9bln of redemptions, the majority (E0.8bln) from a formerly 5-year floating Portuguese OTRV.
• Coupon payments for the week total E7.2bln of which E6.7bln are French and E0.3bln are Portuguese.
• This leaves estimated net flows for the week at positive E3.5bn, down from E7.1bln this week.