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Eurozone issuance was very........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone issuance was very light this week with only Italy
and Germany tapping the market.
-RECAP: Italy re-opened the 0.35% Feb-25 BTP, the 1.35% Apr-30 BTP and the
Apr-25 CCTeu for a combined E6.25bln. German allotted E2.464bln of the 0.0%
Oct-24 Bobl.
- It is another big week for redemptions with the Italy Oct-19 CTZ and Spanish
4.30% Oct-19 Bono both maturing. Furthermore there are E12.3bln of coupons
payments returning to the market from Spanish and Italian paper.
- We estimate this will leave net cash flows back to the market of E35.2bln vs
E44.4bln this week.

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