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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone sovereign bond issuance was E15.2bln last week, this
coming week should be close to E27.2bln.
- ISSUANCE: Italy begins on Tuesday by selling E1.25-1.75bln of CCTeu Apr-25,
E3.0-4.0bln of a new BTP 0.95% Mar-23 and E1.5-2.0bln of BTP 2% Feb-28. On
Wednesday, Germany sells E3.0bln of Bund 0.5% Feb-28. On Thursday Spain sells
SPGBei 1% Nov-30 and SPGBs 0.05% Jan-21, 0.45% Oct-22 and 5.15% Oct-28. The same
day, France sells E8.0-9.0bln of OAT 0.5% May-26, 0.75% May-28, 4.5% Apr-41 and
2.0% May-48. There is a chance of a 15/20Y Belgian Green bond but the week
beginning Mar 5 only has only E6bln of issuance so looks far more tempting.
- CASH FLOWS: There is a E13.7bln French redemption payment on Monday and
E5.8bln of coupon payments, almost all from Italy. The net cash requirement is
E7.2ln assuming no 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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