MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 12 Jan

See the full document here for a look ahead to the next two weeks of issuance, a recap of this week, a summary of 2026 funding plans, and our expectations for syndicated issuance in January.

• The EU is scheduled to hold a syndication in the upcoming week while the EFSF has sent an RFP for a syndicated transaction. In addition, the Netherlands, Austria, Italy, Germany, and Spain will be looking to hold auctions during the week.
• We pencil in issuance of E52.3bln for the week, down from E67.2bln this week.
• The upcoming week will see E26.7bln of redemptions, of which E15.1bln are from an Italian 3-year BTP and E11.6bln are from a Dutch 4-year DSL.
• Coupon payments for the week total E6.3bln of which E4.6bln are from the Netherlands and E1.6bln are from Italy.
• This leaves estimated net flows for the week at positive E19.3bln, down from E63.1bln this week.