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Germany, Italy, Spain,............>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, Spain, Netherlands, Ireland, Portugal,
Finland and Greece will sell EGBs this week. We estimate supply (excl synd) of
E17bn (from an initial estimate of E13.7bln) compared to E39.3bln last week.
- RECAP: The Netherlands sold E2.81bn of the 0.0% Jul-30 DSL on Tuesday. On the
same day Germany allotted E2.49bn of the 0.0% Nov-27 bund. Tuesday also saw
syndication placements for Spain (20Y, E12bn), Ireland (10Y, E6bn), Greece (10Y,
E3bn). On Wednesday Portugal auctioned the 2.875% Jul-26 OT and the 0.475%
Oct-30 OT for E1.50bn. On the same day Finland sold E3bn of a 20Y bond through
syndication.
- ISSUANCE: Italy will come to market on Thursday to auction the 0.30% Aug-23
BTP, 0.85% Jan-27 BTP and the 1.45% Mar-36 BTP for a combined E8.0-9.5bn.
- CASHFLOWS: There will be E12.3bln in redemptions and E0.1bln in coupon
payments, which will leave net cashflows at E4.6bln for the week.
** For further details please see MNI Eurozone Issuance Profile & Cashflow
Matrix: https://emedia.marketnews.com/marketnewsintl/CFM080620nsma.pdf.
*** Contains initial supply estimates for the week.

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