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Consolidating Above Support

EURJPY TECHS

Corrective Cycle

EGB sales next week (beginning....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB sales next week (beginning March 11) are set to slow to
E9.3bln from E17.8bln this week.
- ISSUANCE: Italy on Wednesday sells three BTPs for a combined total of up to
E7.75bln. These include E3.5-4.0bln of new 1.00% Jul-22 BTP, E2.0-2.5bln of
2.50% Nov-25 BTP, and E0.75-1.25bln of 2.95% Sep-38 BTP. Also Wednesday, Germany
re-opens 1.25% Bund Aug-48 for E1.0bln. Later Wednesday, Portugal concludes EGB
issuance for the week, selling a combined E1.0-1.5bln in PGBs via re-opens of
2.875% Jul-26 PGB and 1.95% Jun-29 PGB.
- CASH FLOW: With E5.4bln in coupons (Italy E3bln, Austria E1.5bln, Ireland
E0.7bln) and E24.4bln in redemptions (E13 bln German Schatz, E11.3bln Austria)
returning to market next week, cash flow will come in at negative E20.5bln,
versus negative E17.7bln this week.
** For full details, please see MNI Eurozone bond auction calendar
* Cash Flow Matrix: https://emedia.marketnews.com/CFM110319.pdf