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

EUROZONE ISSUANCE: Germany, Italy, Belgium, the Netherlands and Austria issued

EGBs this week. Total supply including syndications came to E19.1bn compared to

E26.8bn last week.

- RECAP: Belgium got the ball rolling with a tap of E2.72bn on Monday across the

0.50% Oct-24 OLO, 0.10% Jun-30 OLO and the 2.25% Jun-57 OLO. On Tuesday the

Netherlands sold E1.42bn of the 0.50% Jan-40 DSL. Germany then allotted E4.03bn

of the 0% Jun-22 Schatz. Germany allotted E2.127bn of the 0.0% May-35 Bund on

Wednesday. On the same day Austria syndicated a new 100-year bond for E2bn.

Italy concluded issuance for the week with an auction of the

0.65% May-26 BTPEi and the May-22 CTZ for a combined E5.5bn.

- CASHFLOWS: There will be no redemptions and E3.7bln in coupon payments which

will leave net cash flows at E15.4bn for the week.