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In a holiday-shortened week,......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: In a holiday-shortened week, Slovakia, the Netherlands,
Germany and France will sell an estimated E13bln of EGBs, vs E18.8bln this week.
- ISSUANCE: Slovakia comes to market first, selling E0.1bln of 1.00% Jun-28
SLOVGB and E0.1bln of 1.625% Jan-31 SLOVGB on Monday. On Tuesday, the
Netherlands re-opens 0.25% Jul-29 DSL for between E1-2bln. On Wednesday, Germany
re-opens 2.50% Bund Jul-44 for E1bln. France wraps up weekly EGB issuance on
Thursday. AFT will sell between E7.75-9.25bln of nominal OATs, including 0.00%
Feb-22 OAT (re-open), 1.75% May-23 OAT (re-open), and 0.00% Mar-25 OAT (new).
Later Thursday morning, AFT sells E1.0-1.5bln in linkers, all re-opens: 1.10%
Jul-22 OATei, 0.10% Mar-28 OATi, and 0.10% Jul-47 OATei.
- CASH FLOW: E13.2bln in redemptions (largely E10.7bln Italy and E2.5bln Greece)
and E3.3bln in coupon payments (including E1.4bln Portugal, E0.8bln Finland)
will leave total cash returning to market at E16.5bln, leaving net cash flow at
negative E3.4bln, versus positive E2.7bln this week.
** For full details, please see MNI Eurozone bond auction calendar
* Cash Flow Matrix: https://emedia.marketnews.com/CFM150419.pdf

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