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

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. 

- RECAP: Netherlands kicked off issuance this week on Tuesday open their new

10yr benchmark the 0.25% Feb-29 DBR for E5.9bln via DDA auction. 

Wednesday saw the majority of weekly issuance: Italy issued the 2.30% Oct-21,

and 2.50% Nov-25 BTPs for E2.25bln each; Germany the 2.50% Aug-46 Bund for

E1.2bln; and Portugal the 1.95% Jun-29, and 2.50% Apr-34 PGBs for E1.0bln. 

- ISSUANCE: 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