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Germany, Italy, and the...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, and the Netherlands will issue EGBs this
week. We estimate supply of E22.9bln compared to E49.6bn last week.
- ISSUANCE: Italy will come to market twice this week, with the first auction
taking place on Tuesday for the 0.40% May-30 BTPEi and May-22 CTZ for a combined
E4.0-5.0bn. On the same day Germany will tap the 0% Jun-22 Schatz for E5bn. The
Netherlands will conclude issuance on Tuesday with a E3-5bn sale of the 0%
Jan-27 DSL. Italy is scheduled to return on Friday to sell M-/L-T BTPs with
details TBA.
- CASH FLOWS: There will be E18.6bln in redemptions and E7.8bln in coupon
payments which will leave net cash flows at E-3.5bln for the week.
** We will publish an update of the MNI Eurozone Issuance Profile & Cash Flow
Matrix on Monday.

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