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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France, Italy, Spain, Belgium, Finland and Slovakia
auctioned bonds this week. Supply for the week (including the large BTP Italia
placement) came to E49.6bn 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. The following day Belgium
sold USD1.5bn of the 1.0% May-30 EMTN bond. France sold E10.0bn of M/T OATs and
E1.25bn of linkers on Wednesday. On the same day Germany allotted E3.4bn of the
0% Feb-30 bund. Spain re-opened the 0.35% Jul-23 Bono, 0.00% Jan-25 Bono, 1.25%
Oct-30 Obli and the 3.45% Jul-66 Obli on Thursday and sold E7bn. The May-25 BTP
Italia saw considerable demand resulting in a placement in excess of E22bn. 
CASH FLOWS: E3.0bn in redemptions and E0.4bn in coupon payments will leave net
cash flows at E46.2bln for the week.

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