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Germany, France, Italy, Spain,....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France, Italy, Spain, Belgium and Slovakia will
auction bonds this week. We estimate supply of E29.3bln compared to E23.0bn last
week.
- RECAP: Slovakia sold the 1.00% Jun-28, 0.75%, Apr-30, 1.00% Oct-30 and 2.00%
Oct-47 bonds for a combined E642.5mn. Belgium then re-opened the 0.10% Jun-30
OLO, 1.00% Jun-31 OLO and 1.70% Jun-50 OLO for E3.0bn
- ISSUANCE: On Wednesday France will auction the 0.00% Feb-23 OAT, 1.75% May-23
OAT, 1.00% Nov-25 OAT and 0.00% Feb-26 OAT for a combined E8.5-10.0bn. Germany
will re-open the 0% Feb-30 bund for E4bn. Italy will sell the new 1.40% May-25
BTP Italian to institutional investors on Thursday. Spain also will tap the
0.35% Jul-23 Bono, 0.00% Jan-25 Bono, 1.25% Oct-30 Obli and the 3.45% Jul-66
Obli for E6.0-7.0bn.
CASH FLOWS: E3.0bn in redemptions and E0.4bn in coupon payments will leave net
cash flows at E25.9bln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: https://emedia.marketnews.com/CFM180520pksm.pdf

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