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Germany, Spain, and the...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Spain, and the Netherlands are yet to come to market
this week, selling a total of E12.2bln, compared to E18.7bln last week.
- RECAP: Slovakia was the first to issue this week, tapping 1.625% Jan-31 SLOVGB
for E0.1bln and 2.00% Oct-47 SLOVGB for E0.9bln on Monday. 
- ISSUANCE: The Netherlands will issue a new 0.50% Jan-40 Green Bond for E4-6bln
on Tuesday. On Wednesday, Germany will re-open the 0.25% Feb-29 Bund for
E3.0bln. Spain will conclude issuance for the week on Thursday, looking to raise
between E3.5-4.5bln via taps of the 0.25% Jul-24 Bono, 1.45% Apr-29 Obli and
1.85% Jul-35 Obli.
- CASH FLOWS: Cash returning to the market this week will be limited to just
E0.37bln in coupons which will leave net cash flows positive to the tune of
E11.8bln.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM200519.pdf

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