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

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

issue EGBs this week. We estimate supply of E20.5bn (revised from an initial

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. On Tuesday, the Netherlands re-opened the

0.0% Jul-30 DSL for E2.2bn against a target of E1-3bn while Germany allotted

E3.22bn in a E4bn tap of the new 0% Nov-27 Bund. Italy sold 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

E9.0bn on Wednesday. Germany then allotted E0.863bn of the 1.25% Aug-48 bund.

Portugal tapped the 2.875% Oct-25 OT and 0.475% Oct-30 OT for E1.492bn.

- ISSUANCE: On Thursday, Ireland will sell E1.0-1.5bln of 1.10% May-29 and 1.50%

May-50.

- 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