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Issuance is closing in on.........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Issuance is closing in on E21.25bln from E20.2bln sold in the
past week and the E19bln average this year.  
RECAP: Germany started selling E1bln of the Bundei Apr-26 on Tuesday and Finland
sold E1bln of RFGB 0% Apr-22 into modest demand and Slovakia syndicated E1bln of
a 30Y. On Wednesday, there was E6.7bln of a DSL 0.75% Jan-24 via a DDA, Portugal
sold E0.5bln of Oct-22 and E0.75bln of Apr-27 and Germany sold E3bln of Obl 0%
Oct-22. Finally, on Thursday Italy is scheduled to sell E3.5-4.0bln of a new 3Y
BTP 0.2% Oct-20, E1.5-2.0bln of BTP 1.45% Nov-24 and E1.0-1.5bln of BTP 3.45%
Mar-48.  
FLOWS: Cash inflows are decent with a E1.25bln redemption from Slovenia on
Monday and E16bln from Germany on Friday. There is just E0.3bln of coupon
payments, mostly from Germany. Net supply is E3.7bln. 
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x

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