MNI EGB Issuance, Redemption and Cash Flow Matrix – W/C 26 Jan

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

• The EU, Italy, Germany and potentially Portugal will look to hold auctions in the upcoming week. We also pencil in a syndication from Germany (20y Bund / 15y Green Bund). We look for issuance of E40.9bln for the week, down from E45.5bln this week.
• The upcoming week will see redemptions of E18.5bln: E5.0bln from a formerly 7-year EFSF bond and E13.5bln from a BTP Short Term.
• Coupon payments for the week total E2.0bln with E1.0bln from Greece, E0.3bln Italian and E0.2bln from each of Austria, Bulgaria, the EFSF.
• This leaves estimated net flows for the week at positive E20.4bln, down from E43.2bln this week.