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ICE Brent Apr23 Option Expiry Today


Bund call spread seller


Mann speech due at 9:30GMT

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It will be another busy week......>

EUROZONE ISSUANCE: It will be another busy week for issuance with Italy,
Germany, Belgium and the ESM/EFSF coming to the market. We estimate gross
issuance will be E20.6bln, slightly higher than this week's E18.0bln but there
are no big redemptions or coupon payments due. We estimate this will leave net
flows at E20.2bln compared to E-2.4bln in the prior week.
- ISSUANCE: Belgium will be first to come to the market on Monday and are due to
tap the 1.00% Jun-26, 0.90% Jun-29 and 1.90% Jun-38 OLOs for E2.3-2.8bln. There
may also be issuance from the EFSF/ESM on Monday but that is TBC. On Tuesday,
Germany come to the market to issue the Sep-21 Schatz with E4.0bln on offer.
Wednesday sees Italy come to the market selling CTZ/BTPEi with amounts and
issues due to be confirmed on Friday. Germany will return to the market on
Wednesday to issue E3.0bln of the 0.00% Aug-29 Bund. Finally, Italy will come to
the market again to round off the week on Friday, issuing M/T and L/T BTPs.
- CASH FLOWS: There are E0.2bln in redemptions and E0.2bln in coupon payments,
leaving net cash flows at E20.2bln. **For full details please see MNI Cash Flow
Matrix and Issuance Profile:

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