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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone sovereign bond issuance was E7bln in the past week,
this week picks up to ~E31.65bln, well above 2018's E23bln weekly average.
- RECAP: On Tuesday the Netherlands sold 5.9bln of a new DSL 0.75% Jul-28 and
Italy sold E2.5bln BTP 0.2% Oct-20, E4.0bln of a new 7Y BTP 1.45% May-25,
E1.29bln of BTP 2.45% Sep-33 & E0.96bln of BTP 2.70% Mar-47. 
- ISSUANCE: On Wednesday, Germany sells Bund 1.25% Aug-48 for E1.5bln and
Portugal E1-1.25bln of 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 E14.8bln. 
** 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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