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Broad Consolidation


BLOCK, 5Y Sale


Breached The 50-day EMA

EUROZONE ISSUANCE: Issuance this week will total E17.7bln, v E22.6bln last week.
- RECAP: On Monday, Slovakia sold E0.1bln of 1.00% Jun-28 SLOVGB and E0.1bln of
0.75% Apr-30 SLOVGB. Also Monday, Belgium sold E3.2bln of OLOs: E0.8bln of 0.50%
Oct-24 OLO, E1.0bln of 0.90% Jun-29 OLO, E0.5bln of 1.90% Jun-38 OLO, and
E0.9bln of 2.15% Jun-66 OLO.
- ISSUANCE: On Wednesday, Germany sells E1bln of 2.50% Bund Aug-46. On Thursday,
Spain re-opens 0.05% Oct-21 Bono, 0.25% Jul-24 Obli, and 1.85% Jul-35 Obli for a
combined E3-4bln. Finally, France on Thursday sells both nominal and linker
OATs. It will sell between E7.5-9.0bln combined of 0.00% Feb-22 OAT, 0.00%
Mar-23 OAT, and 0.00% Mar-25 OAT. Later, it sells between E0.75-1.25bln of 0.25%
Jul-24 OATei, 0.70% Jul-30 OATei, and 0.10% Jul-47 OATei.
- CASH FLOW: This week sees E14.4bln in redemptions (nearly evenly split between
Austria and Ireland), plus E1.9bln in coupons. This will leave net cash flow at
positive E1.5bln, versus positive E1.0bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: