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

EUROZONE ISSUANCE: In a holiday-shortened week, Slovakia, the Netherlands,

Germany and France will sell an estimated E13bln of EGBs, vs E18.8bln last week.

- RECAP: Slovakia came 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 sold

E1.5bln of re-opened 0.25% Jul-29 DSL. 

- ISSUANCE: 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, AFT sells E1.0-1.5bln in re-opened

linkers: 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 last week.

** For full details, please see MNI Eurozone bond auction calendar

* Cash Flow Matrix: https://emedia.marketnews.com/CFM150419.pdf