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Support Appears Exposed


Greenback Bounces To Three-Week Highs


Downtrend Remains Intact

EUROZONE ISSUANCE: German returns to the sovereign bond issuance market
Wednesday with tap of 0.00% Apr-23 Bobl for E2bln. Issuance is set to rise to
E17bln from E9.5bln last week.
- ISSUANCE: Still to come this week Germany returns to market on Thursday,
France sell four OAT issues at a combined E8.0-9.0bln: a new 0.75% Nov-28, and
re-opens of: 5.50% Apr-29, 1.50% May-31, and 1.25% May-36. Spain also taps the
0.05% Jun-21 Bono, the 0.35% Jul-23 Bono, and the 1.40% Apr-28 Obli, for E2-3bln
combined. Spain also sells the 0.15% Nov-23 SPGBei linker, for E1.75-E2.25bln.
- RECAP: On Tuesday Austria tapped 0.00% Jul-23 RAGB and 0.75% Feb-28 RAGB for
E1.15bln. While Germany tapped 0.50% Apr-30 Bundei for E500mln and 0.10% Apr-46
Bundei for E250mln.
- CASH FLOWS: No major redemptions or coupons this week, so net cash flow is
positive by E17bln, contrasting with -E11.2bln last week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance