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Following the recent seasonal.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Following the recent seasonal lull, EGB issuance will pick up
this week with Germany, Italy and the EFSF coming to market. E18.0bln in supply
is expected, compared to E0.8bln last week.
- ISSSUANCE:  Italy taps the Jun-21 CTZ for E1.75-2.0bln on Tuesday. Germany
will issue a new Sep-21 Schatz for E5bln on Tuesday. Germany returns to market
Wednesday, selling E3.0bln of 0.0% Aug-29 Bund. Also Wednesday, the EFSF sells
0% Nov-22 bonds for E1.0bln. On Thursday, Italy will end the week of issuance
with a sale of medium/long-term BTPs for an expected E7.0bln.
- CASH FLOW: There will be E1.1bln in redemptions this week, which will leave
net cash flow at positive E16.9bln.
** For full details please see MNI Cashflow Matrix and Issuance profile:
https://emedia.marketnews.com/CFM260819okjmn.pdf

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