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

EUROZONE ISSUANCE: Germany, France, Italy and Spain came to market this week
with combined issuance of E23.7bln compared to EUR5.7bln last 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. Spain sold 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 for a
combined E3.97bln. Finally, France sold E5.997bln in long-term OATs.
- CASH FLOWS: There are E36.4bln in redemptions this 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

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