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

EUROZONE ISSUANCE: Eurozone sovereign bond issuance is estimated to fall to rise

to E26.25bln 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 E3.0-4.0bln SPGB 0.05% Jan-21, SPGB

2.15% Oct-25 and SPGB 4.7% Jul-41 alongside E0.5-1.0bln of SPGBei 0.65% Nov-27.

Syndicated possibilities are numerous but should not be very heavy.

- CASH FLOWS: In terms of reinvestment flows, there are E41.4bln of redemptions:

E19.5bln from Spain and E22bln from Italy. Coupon payments amount to E8bln this

week, leaving a net cash inflow of E23bln. 

** 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