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Germany, France, Italy and........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France, Italy and Spain will tap the market this
week with E18.5bn in supply expected.
- ISSUANCE: Italy will kick off the week with E5.5-E7.5bn in issuance on Monday.
On offer are the 0.95% Mar-23 BTP, 2.80% Dec-28 BTP and Sep-25 CCTeu. Germany
will re-open the 0.25% Aug-28 Bund for E3.0bln on Wednesday. France will tap the
5.50% Apr-29 OAT, 1.50% May-31 OAT and 1.25% May-36 OAT for E5.5-6.5bln on
Thursday. Spain will finish off the week with taps of the 0.05% Jan-21 Bono,
0.35% Jul-23 Bono, 1.40% Jul-28 Obli and the 1.00% Nov-30 Bonoei. The target
amount will be announced on Monday.
- CASH FLOWS: There are redemptions of E44.79bn this week and E11.03bn of coupon
payments, with net cash flows of -E37.3bn.
** For full details please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/y94qxdzd, and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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