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EUROZONE ISSUANCE: Germany, Italy, the Netherlands, Portugal and Ireland issue
EGBs this week. Supply came to E20.7bn 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. On
Thursday, Ireland sold E1.5bln of 1.10% May-29 and 1.50% May-50 bonds.
- CASH FLOWS: E2.6bln in coupon payments will leave net cash flows at E18.1bln
for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
MNI London Bureau | +44 0203-865-3808 |
MNI London Bureau | +44 0203-865-3808 |

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