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

EUROZONE ISSUANCE: Germany, France, Italy, Spain and the Netherlands will sell
EGBs this week. We estimate supply (ex potential syndications) of E35.5bn.
- ISSUANCE: The Netherlands will get the ball rolling with a sale of the 0%
Jan-27 DSL for E1.5-3.0bn on Tuesday. Italy will then follow with an auction of
the 0.30% Aug-23 BTP, 0.95% Sep-27 BTP and the 3.10% Mar-40 BTP for a combined
E8.5-10.0bn. Spain will come to market on Wednesday to sell the 0.0% Jan-25
Bono, 0.60% Oct-29 Obli, 1.85% Jul-35 Obli and the 1.00% Oct-50 Obli for
E5.0-6.0bn. Germany will follow with a tap of the 0.0% Aug-30 bund for E5bn.
France concludes issuance for the week with a sale of OATs and linkers on
Thursday. On offer are the 0.0% Mar-24 OAT, 0.0% Feb-26 OAT, 3.50% Apr-26 OAT
and the 2.75% Oct-27 OAT for E9.5-11.0bn and the 0.10% Mar-26 OATEi, 0.10%
Mar-29 OATEi and 0.10% Jul-47 OATEi for E0.5-1.0bn.
- CASH FLOWS: There will be E35.1bn of redemptions and E4.2bn of coupon payments
which will leave net cash flows at E-3.8bn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow

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