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Germany, Italy, the Netherlands...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, the Netherlands and Portugal issued EGBs this
week with the ESM also tapping the market. Total supply for the week came to
E22.7bln
- 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.
Italy sold a combined E5.0bln of 3-year and 7-year BTPs, at the top end of the
target range. 
- CASH FLOWS: There will be E1.6bln in redemptions and E0.3bln in coupon
payments which will leave net cash flows at E20.8bln for the week.

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