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EGB issuance slows markedly.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance slows markedly this week with just Germany and
Portugal scheduled to come to market. We estimate supply (exl any potential
syndications) of E7.7bnbn compared to E37.9bn last week.
- RECAP: On Tuesday Germany allotted E4.08bn of the 0% Jun-22 Schatz.
- ISSUANCE:  Germany returns on Wednesday to sell the 1.25%
Aug-48 bund for E1.5bn. Portugal will then conclude issuance for the week with a
sale of the 2.875% Jul-26 PGB and 0.475% Oct-30 PGB for E1.00-1.25bn.
- CASH FLOWS: There be no redemptions but E0.4bn of coupon payments which will
leave net cash flows at E7.3bn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM200720nmdg.pdf

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