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EGB issuance this week will.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance this week will total E23bln, including E12bln in
syndications and E11.0bln in auctions, vs a total E14.7bln last week.
- RECAP: On Wednesday, Germany allotted E2.6bln in 10-Yr benchmark 0.25% Feb-29
Bund. Also Wednesday, Portugal sold E1.25bln in PGBs, evenly split between 1.95%
Jun-29 PGB and 2.25% Apr-34 PGB.
- ISSUANCE: On Thursday, Italy sells up to E6.5bln in BTPs: E2.25-2.75bln of
1.00% Jul-22 BTP, E1.75-2.25bln of 2.10% Jul-26 BTP, and E1.0-1.5bln 3.35%
Mar-35 BTP. Also Thursday, Ireland sells E1.0bln of 1.10% May-29 IGB.
- SYNDICATION: On Wednesday, Italy sold E6bln new 20-Yr benchmark 3.1% Mar-40
BTP via syndication. Also, Spain sold E6bln of new 10-Yr benchmark 0.6% Oct-29.
- CASH FLOWS: There are just E0.4bln in coupons but E21.1bln in redemptions
(Germany 13bln Schatz, Portugal 8.1bln PGB) bringing a total of E21.5bln back to
market. Looking just at auction issuance, this will leave cash flow negative by
E10.6bln, versus E12.9bln positive last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM10062019-update.pdf

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