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France & Spain come to the bond...>

EUROZONE ISSUANCE
MNI (London)
EUROZONE ISSUANCE: France & Spain come to the bond market Thursday. Overall, EGB
issuance this week is estimated at E17.25bln vs E16.8bln last week vs the weekly
YTD average pace at E20.4bln, according to MNI calculations.
- SUPPLY RE-CAP: Germany has so far sold E4bln of 2-year 0% Schatz Jun-19 on
Tuesday and E3bln of 10-year Bund 0.5% Aug-27 on Wednesday.
- ISSUANCE: Spain is due to sell SPGBei 0.3% Nov-21 for E250mln-E750mln and 3
nominal issues - SPGB 0.4% Apr-22, SPGB 5.9% Jul-26 and SPGB 4.7% Jul-41 for
E3bln-E4bln indicative size. France sells E5.5-6.5bln of OAT 6% Oct-25, OAT1%
May-27 and OAT 2% May-48.
- CASH FLOW: There are big peripheral cash flows with E28.8bln of Spanish
coupons & redemptions and a similar E22.5bln from Italy on Monday and Tuesday,
respectively. Total cash flows amount to E42.3bln. EGB supply net of cash
inflows is a massive -E33.8bln. 
**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: http://tinyurl.com/h7trj4x

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