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Germany, Italy and Belgium will issue bonds this week

EUROZONE ISSUANCE
We estimate supply of E21.3bn compared to E9.5bn last week.
ISSUANCE
  • Belgium will be the first to come to market with a sale of the 0.80%
    Jun-25 OLO and 0.90% Jun-29 OLO for E1.5-2.0bn on Monday.
  • On Tuesday Italy will auction the 0.40% May-30 BTPEi for E0.75-1.0bn
    and the May-22 CTZ for E2.75-3.25bn.
  • Germany will follow with a tap of the 0% Nov-27 bund for E4bn.
  • On Wednesday Germany will return to auction the 0% May-35 Bund
    for E3.5bn.
  • Italy will similarly return to the market for a second time on
    Thursday to auction M/L-Term BTPs with details TBA.
CASH FLOWS

E45.0bn in redemptions and E9.8bn of coupon payments will leave
net cash flows at E-33.6bn of the week.
For further details please MNI Eurozone Issuance Profile &
Cash Flow Matrix:
https://emedia.marketnews.com/CFM270720x10it.pdf

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