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EUROZONE ISSUANCE: Eurozone bond issuance next week is expected to total
E20.0bln Vs E28.0bln issued this week.
Netherlands, Italy, Germany, Portugal, and Ireland are all expected to come to
market whilst there is a possible syndication from the ESM.
- ISSUANCE: Netherlands kick off issuance this week on Tuesday when they open
their new 10yr benchmark the 0.25% Feb-29 DBR for E4.0-6.0bln.
Wednesday sees the majority of weekly issuance: Italy issue M/L term BTPs for
around E7.0bln; Germany the 2.50% Aug-46 Bund for E1.5bln; and Portugal the
2.125% Jun-29, and 2.50% Apr-34 PGBs for E0.75-1.0bln.
On Thursday Ireland tap the market for E1.5bln, bond details expected on Monday.
The ESM are also expected to syndicate this week for around E5.0bln.
- CASH FLOW: Cash returning to market next week totals just E2.2bln, leaving
total cash flow at positive E17.8bln Vs positive E26.6bln this week.
** For full details, please see MNI Eurozone bond auction calendar.
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM110219.pdf