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

EUROZONE ISSUANCE: Eurozone sovereign bond issuance was E7bln in the past week,
next week picks up to E30.75bln.
- ISSUANCE: On Tuesday The Netherlands starts with a DDA for the new DSL 0.75%
Jul-28 range: E4.0-6.0bln and Italy sells BTP 0.2% Oct-20 for E2.0-2.5bln, a new
7Y BTP 1.45% May-25 for E3.5-4.0bln and a combined E1.75-2.25bln of BTP 2.45%
Sep-33 & BTP 2.70% Mar-47. On Wednesday, Germany sells Bund 1.25% Aug-48 for
E1.5bln and Portugal E1-1.25bln PGBs 2.125% Oct-28 & 4.1% Feb-45. Thursday sees
Spain sell SPGB 0.45% Oct-22, 1.4% Apr-28, 2.35% Jul-33 and 4.9% Jul-40. France
sells E6.5-7.5bln OATs 0% May-21, 0% Mar-23 and 0.5% May-25 & E1.25-1.75bln of
OATis 2.1% Jul-23, 0.1% Jan-28 and OATei 1.8% Jul-40.
- CASH FLOWS: There is a E13bln of Schatz redeeming on 16th. Additionally, there
are E3.9bln of EGB coupon payments including E1.8bln from Italy and E1.4bln from
Austria. Estimated gross supply exceeds cash inflows by E13.9bln. 
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance

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