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Eurozone issuance for the week....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone issuance for the week has concluded with Germany,
Italy, Spain and the ESM all coming to market. Supply was E18.25bln for the week
compared to E25.1bln last week.
- ISSUANCE: On Tuesday, the treasury auctioned the 0% Nov-21 CTZ for E2.25bln,
0.40% May-30 BTPEi for E900mln and the 1.25% Sep-32 BTPEi for E600mln. These
issues were all at the top of the announced range. Spain launched a new 30-year
1.00% Oct-50 Bono via syndication with E5.0bln issued. Also on Tuesday, the ESM
launched a new 10-year 0.01% Mar-30 bond for E2.0bln. On Wednesday, Germany's
Bobl auction was uncovered. Only E3.22bln was issued out of an intended sale of
E4.0bln with E2.79bln taken by the market. Italy returned to the market today to
issue E7.50bln with the 0.35% Feb-25 BTP, 0.95% new Aug-30 BTP and 0.95% Apr-25
CCT all sold.
- CASH FLOWS: There will be E15.1bln in redemptions and E0.4bln in coupon
payments which will leave net cash flows at E6.5bln for the week. 
** For further information please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM240220ienc.pdf

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