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Eurozone governments sold only....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone governments sold only E5.5bln this week and there is
no extra scheduled or likely supply. This was the second week of low supply and
the previous week saw only around E2bln. Next week picks up to around E12.5bln
in total.
- ISSUANCE: On Wednesday, Germany sells E2.0bln of Bund 0% Aug-27. On Thursday,
France is set to sell 7Y+ OATs and we assume this will total somewhere in the
region of E6.5bln. The same day sees Spain issue and MNI believes that this will
add up to around E4bln.
- CASH FLOWS: This week there are no redemptions and only E0.1bln of coupon
payments next week, thus net supply will nearly equal gross supply.
**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

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