Germany, Italy, the Netherlands...>

EUROZONE ISSUANCE: Germany, Italy, the Netherlands and Portugal will issue EGBs

this week with the ESM also tapping the market. Following the ESM and Italy

syndications, we have revised our supply estimate for the week to E22.1bln

- RECAP: The ESM sold E3bln of a new 3-year bond on Monday. On Tuesday, Italy

sold a new 15-year BTP for E9bln through syndication. On the same day the

Netherlands auctioned the 0.50% Jul-26 DSL for E1.33bln. Germany allotted

E3.181bln of the 0.0% Feb-30 Bund on Wednesday. Portugal followed with a

combined sale of the 2.875% Jul-26 PGB and the 2.25% Apr-34 PGB for E1.23bln.

- ISSUANCE: Italy will conclude issuance for the week with a sale of 3- and

7-year BTPS for a combined E4.0-5.0bln on Thursday.

- CASH FLOWS: There will be E1.6bln in redemptions and E0.3bln in coupon

payments which will leave net cash flows at 20.2bln for the week.

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

Matrix: https://emedia.marketnews.com/CFM100220pwnq.pdf 

*** Note, the Eurozone Issuance Profile & Cash Flow Matrix includes our initial

supply estimate for the week before the ESM and Italy syndications.