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

EUROZONE ISSUANCE: Germany, Italy, the Netherlands, Portugal and Ireland will

issue EGBs this week. We estimate supply of E18.2bln compared to E36.5bln last

week.

- RECAP: The ESM sold E1.5bln of the 0.75% Sep-28 bond on Monday. This completed

the ESM's issuance for the quarter.

- ISSUANCE: Germany will sell the 0% Nov-27 bund for E4bn on Tuesday. The

Netherlands will then re-open the 0.0% Jul-30 DSL for E1-3bn. Italy will come to

market on Wednesday to tap the 0.60% Jun-23 BTP, 0.85% Jan-27 BTP, 3.35% Mar-35

BTP and the 3.10% Mar-40 BTP for a combined E7.5-9.0bn. Germany returns again on

Wednesday to sell E1bn of the 1.25% Aug-48 bund. Portugal will auction the

2.875% Oct-25 OT and 0.475% Oct-30 OT for E1.00-1.25bn. On Thursday, Ireland

will sell E1.0-1.5bln of the 1.10% May-29 and the 1.50% May-50 bonds.

- CASH FLOWS: E2.6bln in coupon payments will leave net cash flows at E15.6bln

for the week.

** For further details please see MNI Eurozone Issuance Profile & Cash Flow

Matrix: https://emedia.marketnews.com/marketnewsintl/CFM1110520nsms.pdf