Germany, Italy and Spain will.....>

EUROZONE ISSUANCE: Germany, Italy and Spain will issue EGBs this week while the

ESM also came to the market. We estimate supply of E22.0bln for the week

compared to E25.1bln last week.

- ISSUANCE: On Tuesday, the treasury auctioned the 0% Nov-21 CTZ for E2.25bln,

0.40% May-30 BTPEi for E900mln and the 1.25% Sep-32 BTPEi for E600mln. These

issues were all at the top of the announced range. Spain launched a new 30-year

1.00% Oct-50 Bono via syndication with E5.0bln issued. Also on Tuesday, the ESM

launched a new 10-year 0.01% Mar-30 bond for E2.0bln. On Wednesday, Germany's

Bobl auction was uncovered. Only E3.22bln was issued out of an intended sale of

E4.0bln with E2.79bln taken by the market.

- Italy returns to the market today to issue E6.25-7.50bln with the 0.35% Feb-25

BTP, 0.95% new Aug-30 BTP and 0.95% Apr-25 CCT all on offer.

- CASH FLOWS: There will be E15.1bln in redemptions and E0.4bln in coupon

payments which will leave net cash flows at E6.5bln for the week. 

** For further information please see MNI Eurozone Issuance Profile & Cash Flow

Matrix: https://emedia.marketnews.com/CFM240220ienc.pdf