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Issuance this week is estimated...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Issuance this week is estimated at a total E14.6bln, versus
E17.9bln last week.
- ISSUANCE: On Tuesday morning, Italy sells CTZ and BTPei: between E1.75-2.25bln
of Jun-21 CTZ, and a combined E0.5-1.0bln of 1.30% May-28 BTPei and 2.55% Sep-29
BTPei. Also Tuesday, Germany sells E5bln of Jun-21 Schatz. Italy comes back to
market Thursday, selling nominal BTPs and CCTeu floaters - details TBA but MNI
expects 5- and 10-yr BTPs and Jan-25 CCTeu on offer, with a grand total of
between E6-8bln.
- CASH FLOW: Minimal redemptions (E0.2bln) and fairly limited coupons (E3.3bln,
largely Belgium at E2.7bln) will leave cash flow positive by E11.1bln, versus
positive E1.7bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM240619.pdf

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