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Eurozone governments sold only....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone governments sold only E5.5bln last week. This was
the second week of low supply and the previous week saw only around E2bln. This
week's supply picks up to around E11.0bln in total.
- ISSUANCE: On Wednesday, Germany sells E2.0bln of Bund 0% Aug-27. On Thursday,
France sell a fairly low E4.0-5.0bln of OAT 0.25% Nov-26, OAT 5.5% Apr-29 and
OAT 1.75% Jun-39. The same day sees Spain issues SPGBei 0.3% Nov-21, SPGB 0.45%
Oct-22, SPGB 1.45% Oct-27 and SPGB 4.7% Jul-41, sizes announced on Monday at
1300GMT.
- CASH FLOWS: This week there are no redemptions and only E0.1bln of coupon
payments, thus net supply will nearly equal gross supply i.e. E11.0bln.
**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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