Following the surge in supply.....>

EUROZONE ISSUANCE: Following the surge in supply last week, which included

several new syndications, issuance will be lower this week. Germany, Italy,

Netherlands and the ESM/EFSF will come to market with supply estimated at

E36.8bln compared to E32.1bln last week.

- RECAP: The EFSF sold E3bln of a new Jan-2050 bond on Monday. The Netherlands

tapped the 0.50% Jan-40 Green DSL for E1.20bln on Tuesday. Italy then followed

with a combined E6.75bln sale of the 0.05% Jan-23 BTP, 0.85% Jan-27 BTP and the

3.10% Mar-40 BTP. Spain sold E10bln of a new 0.50% Apr-2030 bond through

syndication. Cyprus also sold a combined E1.75bln through syndication of the

Jan-2030 and Jan-2040 bonds. Germany allotted E1.1bln of the 0.50% Aug-50 bund

on Wednesday. Belgium sold E6bln of the Jun-2030 bond through syndication on the

same day. Finally, Italy sold E7bln of a new 30-year BTP through syndication.   

- CASH FLOWS: There will be E17.4bln in redemptions and E4.1bln in coupon

payments which will leave net cash flows at E15.3bln. ** For further details

please see MNI Eurozone Issuance Profile & Cash Flow Matrix:

https://emedia.marketnews.com/CFM130120pqzp.pdf