Market Economics | Interest Rate Strategy - BNP PARIBAS ...
Market Economics | Interest Rate Strategy - BNP PARIBAS ...
Market Economics | Interest Rate Strategy - BNP PARIBAS ...
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EMU Debt Monitor: Redemptions<br />
• Only AAA countries face EGB redemptions in January: Germany EUR 23bn, France EUR 18bn, Netherlands EUR 14bn<br />
and Austria EUR 8bn.<br />
• T-bill redemptions will total EUR 99bn this month versus EUR 63bn of EGBs.<br />
EGBs Monthly Redemptions<br />
Bonds Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011<br />
ITA 0.0 18.7 30.5 0.0 14.6 12.2 0.0 20.2 46.0 0.0 15.5 0.0 157.6<br />
FRA 17.8 0.0 0.0 18.4 0.0 0.0 29.3 0.0 13.8 15.7 0.0 0.0 95.0<br />
GER 23.3 0.0 15.0 19.0 0.0 15.0 24.0 0.0 16.0 17.0 0.0 18.0 147.3<br />
SPA 0.0 0.0 0.0 15.5 0.0 0.0 15.5 0.0 0.0 14.1 0.0 0.0 45.1<br />
GRE 0.0 0.0 8.7 1.0 7.0 0.0 0.0 6.8 0.0 0.0 0.0 5.8 29.4<br />
BEL 0.0 0.0 11.3 0.0 0.0 3.4 0.0 0.0 12.7 0.0 0.0 0.5 27.9<br />
NET 13.9 0.0 0.0 0.0 0.0 0.0 14.1 0.0 0.0 0.0 0.0 0.0 27.9<br />
AUS 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 8.4<br />
POR 0.0 0.0 0.0 4.5 0.0 5.0 0.0 0.0 0.0 0.0 0.0 0.0 9.5<br />
IRE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.5 0.0 4.5<br />
FIN 0.0 5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.7<br />
Total 63 24 66 58 22 35 83 27 89 47 20 24 558<br />
T-Bills Monthly Redemptions<br />
Bonds Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011<br />
ITA 0.0 18.7 30.5 0.0 14.6 12.2 0.0 20.2 46.0 0.0 15.5 0.0 157.6<br />
FRA 17.8 0.0 0.0 18.4 0.0 0.0 29.3 0.0 13.8 15.7 0.0 0.0 95.0<br />
GER 23.3 0.0 15.0 19.0 0.0 15.0 24.0 0.0 16.0 17.0 0.0 18.0 147.3<br />
SPA 0.0 0.0 0.0 15.5 0.0 0.0 15.5 0.0 0.0 14.1 0.0 0.0 45.1<br />
GRE 0.0 0.0 8.7 1.0 7.0 0.0 0.0 6.8 0.0 0.0 0.0 5.8 29.4<br />
BEL 0.0 0.0 11.3 0.0 0.0 3.4 0.0 0.0 12.7 0.0 0.0 0.5 27.9<br />
NET 13.9 0.0 0.0 0.0 0.0 0.0 14.1 0.0 0.0 0.0 0.0 0.0 27.9<br />
AUS 8.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 8.4<br />
POR 0.0 0.0 0.0 4.5 0.0 5.0 0.0 0.0 0.0 0.0 0.0 0.0 9.5<br />
IRE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.5 0.0 4.5<br />
FIN 0.0 5.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 5.7<br />
Total 63 24 66 58 22 35 83 27 89 47 20 24 558<br />
100<br />
90<br />
80<br />
70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
Monthly EGBs Redemptions<br />
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec<br />
120<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
Monthly T-Bills Redemptions<br />
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec<br />
This month’s EGB redemptions<br />
This month’s T-Bill redemptions<br />
Country Bond Maturity Issued EURs (bn) CRNCY<br />
GERMANY DBR 5 1/4 01/04/11 04/01/2011 20/10/2000 23.25 EUR<br />
AUSTRIA RAGB 5 1/4 01/04/11 04/01/2011 16/01/2001 8.27 EUR<br />
GREECE GGB 2 01/11/11 11/01/2011 11/01/2002 0.02 EUR<br />
FRANCE BTNS 3 01/12/11 12/01/2011 24/01/2006 17.82 EUR<br />
NETHERLANDS NETHER 4 01/15/11 15/01/2011 11/01/2008 13.86 EUR<br />
Total 63.21<br />
Country T-Bill Maturity CRNCY EURs<br />
AUSTRIA RATB 0 01/13/11 13/01/2011 EUR 0.1<br />
BELGIUM BGTB 0 01/20/11 20/01/2011 EUR 5.5<br />
FINLAND RFTB 0 01/11/11 11/01/2011 EUR 1.9<br />
FINLAND RFTB 0 01/19/11 19/01/2011 USD 1.7<br />
FRANCE BTF 0 01/13/11 13/01/2011 EUR 8.8<br />
FRANCE BTF 0 01/27/11 27/01/2011 EUR 8.0<br />
FRANCE BTF 0 01/06/11 06/01/2011 EUR 8.1<br />
FRANCE BTF 0 01/20/11 20/01/2011 EUR 8.5<br />
GERMANY BUBILL 0 01/26/11 26/01/2011 EUR 6.0<br />
GERMANY BUBILL 0 01/12/11 12/01/2011 EUR 5.0<br />
GREECE GTB 0 01/14/11 14/01/2011 EUR 1.0<br />
GREECE GTB 0 01/14/11 14/01/2011 EUR 2.0<br />
GREECE GTB 0 01/21/11 21/01/2011 EUR 1.2<br />
IRELAND IRTB 0 01/14/11 14/01/2011 EUR 2.1<br />
ITALY BOTS 0 01/31/11 31/01/2011 EUR 9.9<br />
ITALY BOTS 0 01/14/11 14/01/2011 EUR 7.5<br />
NETHERLANDS DTB 0 01/31/11 31/01/2011 EUR 9.7<br />
PORTUGAL PORTB 0 01/21/11 21/01/2011 EUR 3.4<br />
SPAIN SGLT 0 01/21/11 21/01/2011 EUR 8.7<br />
Total 99.0<br />
All Charts Source: <strong>BNP</strong> Paribas<br />
Eric Oynoyan / Ioannis Sokos 20 January 2011<br />
<strong>Market</strong> Mover, Non-Objective Research Section<br />
45<br />
www.Global<strong>Market</strong>s.bnpparibas.com