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

EUROZONE ISSUANCE: Eurozone sovereign bond issuance was E15.2bln last week, this

coming week should be close to E30.75bln.

- 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 good chance of a 15Y Belgian Green bond but the week

beginning Mar 5 only has E6bln of issuance the deal could easily be pushed

later.

- 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

E11.2bln 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