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Germany, Italy, Belgium,..........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, Belgium, Portugal, Finland, Slovakia and the
ESM will issue bonds this week. We estimate supply (inc syndications) of
E25.4bln compared to E22.6bn last week.
- ISSUANCE: Slovakia will be the first to issue with a tap of the 1.00% Jun 28,
3.625% Jan-29, 0.75% Apr-30 and 1.625% Jan-31 bonds on Monday with target
volumes yet to be announced. On the same same Belgium will re-open the 0.90%
Jun-29 OLO, 1.25% Apr-33 OLO and 2.15% Jun-66 OLO for E1.5-3.0bn. Germany will
auction the 0% Mar-22 Schatz for E5bn on Tuesday. Finland will come to market on
Wednesday to sell the 0.5% Sep-29 bond for E1.0bn. Portugal will then follow
with a sale of the 2.875% Jul-26 OT and the 3.875% Feb-30 OT for a combined
E0.75-1.00bn. Italy will conclude issuance for the week with a sale of CTZ/BTPei
with details yet to be announced. 
- CASH FLOWS: There will be E25.9bln in redemptions and E1.5bln in cash flows
will leave net cash flows at E-1.9bln for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM200420msnp.pdf

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