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Germany, France, Italy.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Germany, France, Italy and Spain will come to market
this week with combined issuance of around E24bln compared to EUR5.7bln this
week.
-RECAP: Italy raised E7.25bln on Tuesday from sales of the 1.75% Jul-24 BTP,
3.00% Aug-29 BTP, Jan-25 CCTeu and Apr-25 CCTeu. Germany followed up with the
0.0% Jun-21 with E3.27bln allotted. Germany returned on Wednesday with a sale of
the 0.0% Bund Aug-29, with E2.344bln allotted
- ISSUANCE: Spain will re-open the 0.25% Jul-24 Bono, 0.60% Oct-29 Obli, 2.35%
Jul-33 Obli and the 2.70% Oct-48 Obli on Thursday. Finally, on the same day
France will tap the market for E5.0-6.0bln with offers of the 2.75% Oct-27 OAT,
2.50% May-30 OAT and the 4.75% Apr-35 OAT.
- CASH FLOWS: There are E36.4bln in redemptions next week and E14.0bln in
coupons which will leave net cashflow at negative EUR25.5bln for the week.** For
full details please see MNI Eurozone bond auction calendar, and MNI Cash Flow
Matrix: https://emedia.marketnews.com/CFM260719sdasa.pdf

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