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EGB ISSUANCE THIS WEEK IS ESTIMATED AT E19.1BN

EUROZONE ISSUANCE

Germany, Italy, the Netherlands, Austria, Portugal and Ireland will issue bonds this week. We estimate supply of E19.1bn compared to E25.5bn last week.
- ISSUANCE: The Netherlands will be the first to issue with a sale of the 0.75% Jul-28 DSL for E1.5-2.5bn on Tuesday. Austria will follow with a tap of the 0% Feb-30 RAGB and the 2.40% May-34 RAGB for a combined E1.15bn. On Wednesday Germany will offer E4bn of the 0% Aug-30 bund. Portugal will then re-open the 0.475% Oct-30 and the 4.10% Feb-45 OT for E1.00-1.25bn. Italy and Ireland are scheduled to hold auctions on Thursday with details TBA.
- CASH FLOWS: E12.0bn in redemptions and E0.3bn in coupon payments will leave net cash flows at E6.8bn for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix

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