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UK Timeline of Key Events (Times UK)

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Eurozone Timeline of Key Events (Times UK)

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EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France Spain, Austria and Slovakia will issue EGBs
this week. We estimate supply of E23.2bn compared to E11.2bln last week.
- RECAP: Austria was the first to auction this week with a tap of the
0.00% Feb-30 RAGB and the 0.75% Mar-51 RAGB for a combined E1.15bn on Tuesday.
On the same day Germany allotted a combined E448mn of the 0.50% Apr-30 iBund and
the 0.10% Apr-46 iBund. Germany returned on Wednesday to sell the 0% Apr-25 Bobl
and allotted E3.2bn. On the same day Slovakia syndicated a 5yr and 12yr issue.
- ISSUANCE: Thursday will be the heaviest day of issuance. Spain will tap the
0.0% Apr-23 Bono, 0.0% Jan-25 Bono, 0.80% Jul-27 Obli, 0.70% Nov-33 ObliEi and
the 1.00% Oct-50 Obli for E5.5-6.5bn. France will then conclude for the week
with sales of the 0.75% May-28 OAT, 0.0% Nov-29 OAT, 0.75% May-52 OAT and the
4.00% Apr-60 OAT for E9.5-11.5bn.
- CASH FLOWS: There E0.2bn in coupon payments which will leave net cash flow at
E23.0bln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: https://emedia.marketnews.com/marketnewsintl/EGBCFM040520.pdf

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