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USDCAD Tests Latest Lows With Equity Strength

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Negative Bund/Dollar Correlation Strong As Ever (1/2)

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EUROZONE ISSUANCE

Germany, Italy, Belgium and Portugal will issue EGBs this week. We estimate supply of E17.8bn compared to E13.5bn last week.
- ISSUANCE: Belgium will be the first to come to market with a tap of the 0.10% Jun-30 OLO for E1.0-1.5bn on Monday. Germany will follow on Tuesday with an auction of the 0% Sep-22 Schatz for E6bn. Italy will sell CTZ/BTPEi on Wednesday with issue details and volumes TBA. Germany then returns for a second time to sell the 0% May-35 Bund for E3.5bn. Portugal concludes issuance for the week with a tap of the 0.70% Oct-27 OT and the 3.875% Feb-30 OT for E1.00-1.25bn.
- CASH FLOWS: E0.5bn of redemptions will leave net cash flows at E17.3bn for the week.
** For further details please MNI Eurozone Issuance Profile & Cash Flow Matrix: https://emedia.marketnews.com/marketnewsintl/cfm240820bhjb.pdf

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