MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 2 Mar

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 Netherlands is scheduled to hold a DDA and Italy launch a BTP Valore while Germany, Spain and France hold conventional auctions and Belgian an ORI auction in the upcoming week.
• We look for gross issuance of E33.3bln for the week, down from E37.8bln this week.
• The upcoming week will see redemptions of E45.1bln: E19.2bln from a formerly 15-year BTP, E12.4bln from a formerly long 5-year OATei, E5.5bln from a formerly 10-year ESM-bond and E8.0bln from a formerly 5-year EU SURE bond. 
• Coupon payments for the week total E11.3bln: E7.8bln Italian, E2.0bln French, E0.5bln from the EU and E0.2bln Slovakian.
• This leaves estimated net flows for the week at negative E23.1bln, versus negative E1.7bln this week.