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Eurozone bond issuance this.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone bond issuance this week is expected to total
E20.0bln Vs E28.0bln issued last 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 the 2.30% Oct-21,
and 2.50% Nov-25 BTPs for E3.5-5.0bln; 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 E1.0-1.25bln selling the 1.1% May-29, and
1.7% May-37 IGBs. 
The ESM are also expected to syndicate this week for around E5.0bln. 
- CASH FLOW: Cash returning to market this week totals just E2.2bln, leaving
total cash flow at positive E17.8bln Vs positive E26.6bln last week. 
** For full details, please see MNI Eurozone bond auction calendar. 
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM110219.pdf

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