Market Economics | Interest Rate Strategy - BNP PARIBAS ...

EMU Debt Monitor: Redemptions
• Only AAA countries face EGB redemptions in January: Germany EUR 23bn, France EUR 18bn, Netherlands EUR 14bn
and Austria EUR 8bn.
• T-bill redemptions will total EUR 99bn this month versus EUR 63bn of EGBs.
EGBs Monthly Redemptions
Bonds Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011
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
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
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
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
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
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
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
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
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
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
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
Total 63 24 66 58 22 35 83 27 89 47 20 24 558
T-Bills Monthly Redemptions
Bonds Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2011
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
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
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
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
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
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
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
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
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
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
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
Total 63 24 66 58 22 35 83 27 89 47 20 24 558
100
90
80
70
60
50
40
30
20
10
0
Monthly EGBs Redemptions
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
120
100
80
60
40
20
0
Monthly T-Bills Redemptions
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
This month’s EGB redemptions
This month’s T-Bill redemptions
Country Bond Maturity Issued EURs (bn) CRNCY
GERMANY DBR 5 1/4 01/04/11 04/01/2011 20/10/2000 23.25 EUR
AUSTRIA RAGB 5 1/4 01/04/11 04/01/2011 16/01/2001 8.27 EUR
GREECE GGB 2 01/11/11 11/01/2011 11/01/2002 0.02 EUR
FRANCE BTNS 3 01/12/11 12/01/2011 24/01/2006 17.82 EUR
NETHERLANDS NETHER 4 01/15/11 15/01/2011 11/01/2008 13.86 EUR
Total 63.21
Country T-Bill Maturity CRNCY EURs
AUSTRIA RATB 0 01/13/11 13/01/2011 EUR 0.1
BELGIUM BGTB 0 01/20/11 20/01/2011 EUR 5.5
FINLAND RFTB 0 01/11/11 11/01/2011 EUR 1.9
FINLAND RFTB 0 01/19/11 19/01/2011 USD 1.7
FRANCE BTF 0 01/13/11 13/01/2011 EUR 8.8
FRANCE BTF 0 01/27/11 27/01/2011 EUR 8.0
FRANCE BTF 0 01/06/11 06/01/2011 EUR 8.1
FRANCE BTF 0 01/20/11 20/01/2011 EUR 8.5
GERMANY BUBILL 0 01/26/11 26/01/2011 EUR 6.0
GERMANY BUBILL 0 01/12/11 12/01/2011 EUR 5.0
GREECE GTB 0 01/14/11 14/01/2011 EUR 1.0
GREECE GTB 0 01/14/11 14/01/2011 EUR 2.0
GREECE GTB 0 01/21/11 21/01/2011 EUR 1.2
IRELAND IRTB 0 01/14/11 14/01/2011 EUR 2.1
ITALY BOTS 0 01/31/11 31/01/2011 EUR 9.9
ITALY BOTS 0 01/14/11 14/01/2011 EUR 7.5
NETHERLANDS DTB 0 01/31/11 31/01/2011 EUR 9.7
PORTUGAL PORTB 0 01/21/11 21/01/2011 EUR 3.4
SPAIN SGLT 0 01/21/11 21/01/2011 EUR 8.7
Total 99.0
All Charts Source: BNP Paribas
Eric Oynoyan / Ioannis Sokos 20 January 2011
Market Mover, Non-Objective Research Section
45
www.GlobalMarkets.bnpparibas.com