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

EUROZONE ISSUANCE: Germany, Italy, Belgium, Portugal, Finland, Slovakia and the

EFSF will issue bonds this week. Supply est. revised to E50bn inc syndication.

- RECAP: Slovakia sold 2029, 2030 and 2031 bonds on Monday for E512.6mn. On the

same same Belgium re-opened the 0.90% Jun-29 OLO, 1.25% Apr-33 OLO and 2.15%

Jun-66 OLO for E2.836bn. The EFSF placed a E3bn of an Apr-23 bond and tapped the

0.05% Oct-29 bond for E1.5bn. Germany allotted E4.1bn of the 0.0% Mar-22 Schatz

on Tuesday. Italy sold E10bn of a new 5-year BTP through syndication and tapped

the 2.45% Sep-50 BTP for E6bn. On Wednesday Finland sold E1bn of the 0.5% Sep-29

bond and Portugal followed with a sale of the 2.875% Jul-26 OT and the 3.875%

Feb-30 OT for a combined E1bln. Spain sold E10bn of a 7-year issue via

syndication and tapped the 10-year.

- ISSUANCE: Italy will sell the 0.40% May-30 BTPEi and Nov-21 CTZ on Friday.

- 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.