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Germany, Italy, Netherlands,......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, Netherlands, Portugal and Ireland will come
to the EGB market this week with expected issuance of E10.9bln.
- ISSUANCE: The Netherlands will kick off issuance this week with a
E0.75-1.25bln tap of the Jan-37 4.0% DSL on Tuesday. Germany is next up,
re-opening the 1.25% Aug-48 Buxl for E1.0bln on Wednesday. Portugal will also
come to market Wednesday with a tap of the 4.95% Oct-25 PGB and 2.125% Oct-28
PGB for a combined E0.75-1.0bln. Italy will sell BTPs on Thursday for between
E6.25-7.75bln, including re-opening 0.05% Apr-21 BTP for E2.0-2.5bln, selling
new 2.50% Nov-25 BTP for E3.25-3.75bln, and re-opening 3.45% Mar-48 BTP for
E1.0-1.5bln. Finally, Ireland on Thursday re-opens 0.9% May-28 IGB for E1.0bln.
- CASH FLOWS: We estimate issuance of E10.9bln this week, vs total issuance of
E15.2bln last week. There will be E13.0bln in redemptions and E2.2bln in coupon
payments, which will leave net cash flows for the week negative at E4.3bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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