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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone sovereign bond issuance was E24.9bln last week, this
week should be close to E15.2bln.
- RECAP: On Monday, issuance began with two small E80mln-area taps from Slovakia
in the SLOVGB 1.625% Jan-31 and 2% Oct-47. On Tuesday, Germany sold E5bln of the
new Mar-20 Schatz in technically uncovered auction. Spain completed E6bln very
well bid SPGB Oct-48 via syndication.
- ISSUANCE: Italy is scheduled to sell E1.5-2.0bln CTZ Oct-19 and E1.5-2.0bln of
BTPei 0.1% May-22 and BTPei 1.3% May-28 on Friday. There is a small chance of a
15/20Y Belgian Green bond.
- CASH FLOWS: There is a E17bln German redemption on Friday and E0.3bln of
coupon payments. The net cash need is minus E2.1bln assuming we are correct on
the syndicated deals. 
** 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/h7trj4x

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