EGB supply could now total........>

EUROZONE ISSUANCE: EGB supply could now total around E24bln after Austria 10-yr

syndication announcement. Last week saw E27.7bln of EGB supply. 

- ISSUANCE: On Monday, Slovakia issued E74mln of 1.375% Jan-27 and E101mln of

1.875% Mar-37. On Tuesday Belgium launched new 10-yr Olo85 for E5bln. On

Wednesday Germany sold E1.5bln Bund 1.25% Aug-48. On Thursday, Spain sells

E3.5-E4.5bln SPGBs 0.45% Oct-22, 2.35% Jul-33 and 2.9% Oct-46. France sells

E6.5-7.5bln of a new OAT 0% Feb-21, OAT 0% Mar-23 and 2.25% May-24. A little

later France also sells E1.25-1.75bln OATei 0.25% Jul-24, OATi 0.1% Mar-28 and

OATei 0.7% Jul-30. A 10Y Spanish, Finnish 5Y are reasonable syndication guesses.

- CASH FLOWS: The ECB buys perhaps around E5bln per week. Additionally, there is

a E15.3bln BTP redemption, a E13.3bln Dutch redemption and E12.2bln Austrian

redemption on Monday totalling E41bln, alongside E5bln of coupon payments. We

count net issuance of E22bln, excluding ECB APP.

**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone

Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance

Profile: https://tinyurl.com/ybnzlygd