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

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