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Eurozone sovereign bond...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone sovereign bond issuance is estimated to fall to rise
to E26.5bln in the coming week compared to E18.75bln over the past week. 
- ISSUANCE: Scheduled supply begins on Tuesday. Italy sells E1.5-2.0bln of CCTeu
Apr-25, E1.25-1.75bln of BTP 0.9% Aug-22, E4.0-4.5bln of a BTP 2% Feb-28 (new)
and E0.25-0.75bln of BTP 2.8% Mar-67. On Wednesday, Germany sells E4.0bln a new
Obl Apr-23. On Thursday, France sells E8.0-9.0bln of OAT 0.75% May-28, OAT 1.25%
May-34 and OAT 1.75% May-66 and Spain sells SPGB 0.05% Jan-21, SPGB 2.15%
Oct-25, SPGBei 0.65% Nov-27 and SPGB 4.7% Jul-41 - auction target range TBA
Monday 1300GMT. Syndicated possibilities are numerous but should not be very
heavy.
- CASH FLOWS: In terms of reinvestment flows, there are 41.4bln of redemptions:
E19.5bln from Spain and E22bln from Italy. Coupon payments amount to E14bln this
week, leaving a net cash inflow of E29bln. 
** 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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