Weekly Supply Highlights

Last Updated: 6th Apr

Eurozone
EGB Supply: This week an estimated €23bn conventional issuance via auction from the Germany, Italy and Spain

Tuesday: Germany 5y Obl 2.20% Apr28 for €5.00bn (~RX 20k futs)
Wednesday: Germany Bunds: 26y 1.25% Aug48 for €1.00bn (~RX 15k futs and 30y 0.00% Aug52 for €1.50bn (~RX 20k futs)
Thursday: Spain SPGBs: 3y 2.80% May26, 10y 3.15% Apr33 and 20y Green 1.00% Jul42 for total of exp.€6bn (~RX 34k futs, assuming a
2.5/2.5/1 split), Italy: MT BTPs (3y, 7y and 10y+) for £9.5bn (exp)

Conventional EGBs Cash Flow Analysis: This week cash flow is slightly positive at +€0.50bn, as the €19.01bn C&Rs coming mainly from
Germany on Friday (€18.50bn redemptions) will offset this week's issuance of €18.50bn. Near term cash flow (next four weeks) is also
positive at +€11.68bn, as the total C&Rs of €98.68bn coming further mainly from Austria (€6.19bn redemptions on 20th April), France
(€9.27bn coupons and €10.61bn redemptions on 25th April), Spain (€2.94bn coupons and €21.80bn redemptions on 1st May) and Italy
(€4.01bn coupons and €17.17bn redemptions on 1st May) will offset the expected issuance of €87bn
Inflation: Thursday: Spain 11y SPGBei 0.70% Nov33 for an estimated €0.5bn (~RX 5k futs). Near-term Inflation-Linked cash flow is positive at
+€27.07bn, as the €20.66bn redemptions from Germany on 17th April and €9.79bn redemptions from Italy on 20th April will offset the
expected issuance of €3.30bn
SSA: Near-term cash flow is positive at +€15.28bn: EIB (€5bn redemptions on Friday)
Syndications: Possible syndication from KFW, EIB and Portugal

UK
Gilt Supply: This week sees £3.25bn conventional issuance via auction

Thursday: 10y Gilt 3.25% Jan33 for £3.25bn(~G 26k futs)

Conventional Gilt Cash Flow Analysis: This week cash flow is negative at -£3.25bn and equal to the issuance. Near-term cash flow (next four
weeks) is also negative at -£10.61bn, as the issuance of £12.20bn will offset £1.64bn coupons paid on 24th April
Inflation: Wednesday: 16y Index-Linked Gilt 0.13% Mar39 for £0.9bn (~G 17k futs). Near-term cash flow is negative at -£0.90bn and equal
to the issuance

US
UST Supply: This week sees $90bn conventional issuance via auction

Tuesday: New 3y Note Apr26 for $40bn

Wednesday: 10y 3.50% Feb33 Note for $32bn
Thursday: 30y 3.625% Feb53 Bond for $18bn

Cash Flow Analysis (coupon bonds only): This week cash flow is zero, with no issuance being settled or C&Rs getting paid. Near-term cash
flow turns negative at -$25.34bn, as the expected issuance of $222bn will offset the C&Rs of $196.66bn paid on 17th April and 1st May
Floaters: Near-term cash flow is positive at +$66.99bn, as the $5.64bn coupons and $85.35bn redemptions paid on 1st May will offset the
expected issuance of $24bn
Inflation: Near-term cash flow is positive at +$27.80bn, as the $48.80bn C&Rs paid on 17th April will offset the expected issuance of $21bn
 Month Day Moody's S&P Fitch
14 EU (Aaa, stb) Portugal (BBB+, Pos)
Apr 21 France, UK, Ireland (A1, pos) Greece (BB+, pos), Netherlands, UK
28 Belgium (Aa3), EFSF (Aa1), ESM (Aa1) Finland France (AA, neg)

Syndications
Possible Date Country More details on the expected deal
Wednesday KFW KFW could possibly issue New 10y benchmark for €5bn
Wed/Thursday EIB EIB could possibly issue New 7y benchmark for €4-5bn
Wednesday Por Portugal could possibly issue New 10y benchmark for €3bn

Central Bank Operations

NY UK Country Size (bn)
Monday 10th Apr
21:10 02:10 Jap BoJ Bond Purchase Op 1-3y, 5-10y, 10-25y, 25y+ tranches
Thursday 13th Apr
04:00 09:00 Jap Liquidity Enhancement Auction (remaining maturities of 15.5-39 years)
Friday 14 Apr
21:10 02:10 Jap BoJ Bond Purchase 1-3y, 3-5y, 5-10y, 25y+ tranches

Scheduled Auctions
Week of Monday 10th Apr
NY UK Country Description Cpn Maturity Size bn Fut Equiv Prev b/c Prev o/b Prev Tail
Tuesday 11th Apr
23:45 04:45 Jap 5y JGB 20-Mar-28 2500 3.00
05:30 10:30 Ger 5y Obl 2.20% 13-Apr-28 5.00 RX 20k 1.35 2.6 5.0
13:00 18:00 US New 3y Note 15-Apr-26 40 2.73
Wednesday 12th Apr
06:00 10:00 UK 16y Index-Linked Gilt 0.125% 22-Mar-39 0.90 G 17k 2.46 50.7
05:30 10:30 Ger 26y Bund 1.25% 15-Aug-48 1.00 RX 15k 2.84 9.5 2.0
05:30 10:30 Ger 30y Bund 0.00% 15-Aug-52 1.50 RX 20k 1.13 9.3 10.0
13:00 18:00 US 10y Note 3.50% 15-Feb-33 32 2.35
 NY UK Country Description Cpn Maturity Size bn Fut Equiv Prev b/c Prev o/b Prev Tail
Thursday 13th Apr
04:30 09:30 Spa 3y SPGB 2.80% 31-May-26 RX 7k 2.02 7.1 2.5
04:30 09:30 Spa 10y SPGB 3.15% 30-Apr-33 6e RX 18k 1.59 28.4 12.7
04:30 09:30 Spa 20y Green SPGB 1.00% 30-Jul-42 RX 9k 1.66 29.7 16.3
04:30 09:30 Spa 15y SPGBei 0.70% 30-Nov-33 0.5 e RX 5k 1.95 16.9 11.0
06:00 10:00 UK 10y Gilt 3.25% 31-Jan-33 3.25 e G 26k 2.42 8.6 2.9
05:00 10:00 Ita MT BTPs (3y, 7y and 10y+)(exp) 9.5 e
12:00 17:00 Can 2y GCAN 3.5 e
13:00 18:00 US 30y Bond 3.625% 15-Feb-53 18 2.35

Week of Monday 17th Apr

NY UK Country Description Cpn Maturity Size bn Fut Equiv Prev b/c Prev o/b Prev Tail
Monday 17th Apr
05:00 10:30 Eur NGEU Bond 4e
Tuesday 18th Apr
04:00 09:00 Net DSL 2.5 e
06:00 10:00 UK 30y Gilt 3.75% 22-Oct-53 2e
06:00 11:00 Fin RFGB 1.00 - 1.50
Wednesday 19th Apr
05:30 10:30 Ger 10y Bund 2.30% 15-Feb-33 4.00
07:30 11:30 UK 3y Gilt 4.13% 29-Jan-27 3.50 e
13:00 18:00 US 20y Bond 12 e
Thursday 20th Apr
04:30 09:30 Spa SPGBs 5e
04:50 09:50 Fra MT OAT 10 e
05:50 10:50 Fra OATei 1.5 e
13:00 18:00 US New 5y TIPS 21 e
Friday 21st Apr
05:00 10:00 Ita Short BTP 3e
05:00 10:00 Ita BTPei 0.75 e
Week of Monday 24th Apr
NY UK Country Description Cpn Maturity Size bn Fut Equiv Prev b/c Prev o/b Prev Tail
Monday 24th Apr
06:00 11:00 Bel OLOs 3e
Tuesday 25th Apr
05:30 10:30 Ger New 2y Schatz 12-Jun-25 6.00
13:00 18:00 US New 2y Note 42 e
Wednesday 26th Apr
05:30 10:30 Ger 15y Bund 1.00% 15-May-38 1.50
05:30 10:30 Ger 15y Bund 1.00
11:30 16:30 US New 2y FRN 24 e
13:00 18:00 US New 5y Note 43 e
Thursday 27th Apr
05:00 10:00 Ita MT BTPs (5y, 10y and CCTeu) 8.5 e
13:00 18:00 US New 7y Note 35 e

Week of Monday 1st May

NY UK Country Description Cpn Maturity Size bn Fut Equiv Prev b/c Prev o/b Prev Tail
Tuesday 2nd May
05:30 10:30 Ger Linker 0.75 e
Wednesday 3rd May
05:30 10:30 Ger 7y Bund 2.10% 15-Nov-29 3.00
06:00 10:00 UK 3y Gilt 3.25% 22-Oct-25 3.5 e
Thursday 4th May
04:30 09:30 Spa SPGBs 5e
04:30 09:30 Spa SPGBei 0.5 e
04:50 09:50 Fra LT OAT 11 e
Friday 5th May
06:00 11:00 Bel ORI 0.5 e
Weekly Bill Supply

NY UK Description Maturity Size bn Prev b/c

Monday 10th Apr
11:30 16:30 US 13 wk bills 13-Jul-23 57 2.49
11:30 16:30 US 26 wk bills 12-Oct-23 48 2.79
Tuesday 11th Apr
04:30 09:30 Spa 6 mth bills 06-Oct-23 3.01
5e
04:30 09:30 Spa 12 mth bills 12-Apr-24 1.48
05:30 10:30 Bel 3 mth bills 13-Jul-23 0.80 2.50
05:30 10:30 Bel 12 mth bills 07-Mar-24 1.20 1.30
06:00 11:00 Fin 7 mth bills 13-Nov-23 1.00 1.50
06:00 11:00 Fin 10 mth bills 13-Feb-24 1.00 1.57
08:50 13:50 Fra 3 mth bills 3.03
08:50 13:50 Fra 4 mth bills 3.69
08:50 13:50 Fra 9 mth bills 5.53
08:50 13:50 Fra 12 mth bills 2.75
Wednesday 12th Apr
05:00 10:00 Ita 4mth bills 14-Aug-23 2.00 1.41
05:00 10:00 Ita 12mth bills 12-Apr-24 6.50 1.41
Thursday 13th Apr
11:30 16:30 US 4 wk bills 16-May-23 60 e 2.63
11:30 16:30 US 8 wk bills 13-Jun-23 50 e 2.47
eu
06:00 11:00 UK 1 mth bills 15-May-23 0.50 4.50
06:00 11:00 UK 3 mth bills 17-Jul-23 1.50 3.96
06:00 11:00 UK 6 mth bills 16-Oct-23 2.50 3.00
Euro Cash Flow Outlook
Euro 4-wk Cash Flow Outlook (excl syndications)
€ 4-wk Supply Outlook*
€ Supply by maturity 1-3yr 4-7yr 8-14 yr
35
16 30
14
25
12
10 20

8 15
6 10
4
5
2
0
0
(10 Apr-14 Apr) (17 Apr-21 Apr) (24 Apr-28 Apr) (1 May-5 May) 1-3yr 4-7yr 8-14 yr 15+yr Linker

€ Cashflow - Country 4wk Ahead Outlook by Settlement Date Cashflow -€Conventional

Cashflow - 44wk
weekOutlook
outlookbyBySettlement
SettlementDates
Datesin €Bn
30 Coupon Redemption Issuance Net
Coupon Redemption Issuance Net 60
20 13.7
34.5
6.3 40
10 3.9
0.2 0.0 1.4 1.1
-2.9 -1.1 -2.5
-4.5 20
0 0.5
0 -9.3
-10 -14.0

-20 -20

-30 -40
Aut Bel Fin Fra Ger Gre Ire Ita Net Por Spa (10 Apr-14 Apr) (17 Apr-21 Apr) (24 Apr-28 Apr) (1 May-5 May)

Supply Overview by Issuance Date Cash Flow Overview

€bn Country Supply Maturity Total Coupons & Redemptions Supply Net
1-3yr 4-7yr 8-14 yr 15+yr Settlement
10 Apr -11.00 -11.00
Ger 5.00
11 Apr 5.00 Por 0.04 (C0.04) 0.04
Ger 2.50
12 Apr 2.50 Por 0.05 (C0.05) 0.05
Spa 2.50 2.50 1.00
13 Apr 15.50 -5.00 -5.00
Ita 3.50 3.50 2.50
14 Apr Ger,Por 18.92 (C0.42, R18.50) -2.50 16.42
Week Total 6.00 8.50 2.50 6.00 23.00 19.01 -18.50 0.51

Eur 4.00
17 Apr 4.00 Fin,Ita,Por 7.02 (C2.02, R5.00) -15.50 -8.48
Net 2.50
18 Apr 4.00 Por 0.19 (C0.19) 0.19
Fin 1.50
Ger 4.00
19 Apr 4.00 -4.00 -4.00
Spa 3.00 2.00
20 Apr Fra 4.00 6.00 15.00 Aut 6.28 (C0.09, R6.19) -4.00 2.28
Ita 3.00
21 Apr 3.00 -4.00 -4.00
Week Total 7.00 6.00 15.00 2.00 30.00 13.50 -27.50 -14.00
 Supply Overview by Issuance Date Cash Flow Overview
Cont.
€ Country Supply Maturity Coupons & Redemptions Supply
Total Net
1-3yr 4-7yr 8-14 yr 15+yr Settlement
Bel 3.00
24 Apr 3.00 Bel,Gre,Ire 0.31 (C0.31) -15.00 -14.69
Ger 6.00
25 Apr 6.00 Fra 19.88 (C9.27, R10.61) -3.00 16.88

26 Apr Ger 2.50 2.50 -3.00 -3.00

Ita 3.50 5.00
27 Apr 8.50 -6.00 -6.00

28 Apr -2.50 -2.50

Week Total 6.00 3.50 8.00 2.50 20.00 20.19 -29.50 -9.31

01 May Ita,Spa 45.99 (C7.06, R38.93) -8.50 37.49

02 May

Ger 3.00
03 May 3.00

Spa 2.00 3.00

04 May
Fra 6.00 5.00
Bel 0.50
05 May -3.00 -3.00
Week Total 5.00 9.50 5.00 3.00 45.99 -11.50 34.49
4-wk Total 19.00 23.00 35.00 15.50 76.00 98.68 -87.00 11.68
UK Cash Flow Outlook
UK 4-wk Cash Flow Outlook (excl syndications)
£ Cashflow - 4 week outlook by Settlment Dates £ Supply by maturity 1-3yr 4-7yr 8-14 yr 15+yr Linker
Coupon Redemption 1.6Issuance Net
2 4
3
0 3
2
-2 -3.3 -3.5 2
1
-4
-5.5 1
0
-6
(10 Apr-14 Apr) (17 Apr-21 Apr) (24 Apr-28 Apr) (1 May-5 May)
(10 Apr-14 Apr) (17 Apr-21 Apr) (24 Apr-28 Apr) (1 May-5 May)

UK Supply Overview by Issuance Date Cash Flow Overview

Supply Maturity Supply
£bn 1-3yr 4-7yr 8-14 yr 15+yr
Total Coupons & Redemptions
Settlement
Net
10 Apr
11 Apr
12 Apr
13 Apr 3.25 3.25 ex coupon/index event
14 Apr -3.25 -3.25
Week Total 3.25 3.25 -3.25 -3.25
17 Apr
18 Apr 2.00 2.00
19 Apr 3.50 3.50 -2.00 -2.00
20 Apr -3.50 -3.50
21 Apr
Week Total 3.50 2.00 5.50 -5.50 -5.50
24 Apr 1.64 (C1.64) 1.64
25 Apr
26 Apr
27 Apr
28 Apr
Week Total 1.64 1.64
01 May
02 May
03 May 3.50 3.50
04 May -3.50 -3.50
05 May
Week Total 3.50 3.50 -3.50 -3.50

4-wk 7.00 3.25 2.00 12.25 1.64 -12.25 -10.61

US Cash Flow Outlook
US 4-wk Cash Flow Outlook (excl syndications)
$ Cashflow - 4 week outlook by Settlment Dates
C $ Supply by maturity
2y 3y 5y 7y 10y 20y 30y TIPS / FRN
&
R Coupon Redemption Issuance Net
- 45
M200
o 40
n
150 35
t
h
l 100 30
y
25
1O 50
0
23.4
0.0 0.0 20
0
15
-48.7
-50 10

5
-100
0
-150 (10 Apr-14 Apr) (17 Apr-21 Apr) (24 Apr-28 Apr) (1 May-5 May)
(10 Apr-14 Apr) (17 Apr-21 Apr) (24 Apr-28 Apr) (1 May-5 May)

US Supply Overview by Auction Date Cash Flow Overview

Supply Maturity Total Coupons & Fed's Share Supply
$bn 2y 3y 5y 7y 10y 20 30y Total Redemptions of C&R Settlement
Net
10 Apr
11 Apr 40 40
12 Apr 32 32
13 Apr 18 18
14 Apr
Week Total 40 32 18 90
17 Apr 41.28 (C1.15, R40.13) 0 -90 -48.72
18 Apr
19 Apr 12 12
20 Apr
21 Apr
Week Total 12 12 41.28 -90 -48.72
24 Apr
25 Apr 42 42
26 Apr 43 43
27 Apr 35 35
28 Apr
Week Total 42 43 35 120
01 May 155.38 (C9.01, R146.37) 0 -132 23.38
02 May
03 May
04 May
05 May
Week Total 155.38 -132 23.38
4-wk 42 40 43 35 32 12 18 222 196.66 -222 -25.34
Inflation Linkers - Global Cash Flow
Global (excl Asia) 4-wk Linker Cash Flow Outlook
EU Linker Auction & Cash Flow UK Linker Auction & Cash Flow US FRN/TIPS Auction & Cash Flow

bn € £ $
Auction C&R Settlement Net Auction C&R Settlement Net Auction C&R Settlement Net
10 Apr
Ita 0.02
11 Apr 0.02
(C0.02)
12 Apr 16y Linker
0.90
13 Apr Spa -0.90 -0.90
0.50
14 Apr
wk 1 0.50 0.02 0.02 0.90 -0.90 -0.90

Ger 20.72 48.80

17 Apr -0.50 20.22 48.80
(C0.20, (C1.77,
18 Apr

19 Apr
Fra Ita 9.80 (C0.02, 5y TIPS
20 Apr 9.80
1.50 R9.77) 21.00
21 Apr Ita
0.75
wk 2 2.25 30.52 -0.50 30.02 21.00 48.80 48.80

Ita 0.01
24 Apr -1.50 -1.49
(C0.01)
25 Apr -0.75 -0.75

26 Apr 2y FRN
24.00
27 Apr
Ita 0.02
28 Apr 0.02 -21.00 -21.00
(C0.02)
wk 3 0.03 -2.25 -2.22 24.00 -21.00 -21.00

90.99
01 May -24.00 66.99
(C5.64,
02 May Ger
0.75
03 May

04 May -0.75 -0.75

05 May
wk 4 -0.75 -0.75 90.99 -24.00 66.99

Total 2.75 30.57 -3.50 27.07 0.90 -0.90 -0.90 45.00 139.79 -45.00 94.79