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Italy and Germany each come to....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Italy and Germany each come to market on two separate
occasions this week, selling a total of E17.4bln, versus E12.6bln last week.
- ISSUANCE: Italy opens the week of issuance on Tuesday, selling up to E3.75bln
of re-opened bonds: between E2.0-2.5bln of Jun-21 CTZ, and a total of between
E0.75-1.25bln of 0.10% May-23 BTPei and 1.30% May-28 BTPei. Also Tuesday,
Germany sells new Jun-21 Schatz for E5bln. On Wednesday, Germany follows up by
re-opening Apr-24 Bobl for E3bln. Finally on Thursday, Italy sells BTPs, amount
and issues TBA on May 27. MNI estimates E7bln of nominal medium/long-term BTP
issuance. In addition to these auctions, Portugal plans to launch an inaugural
3-Yr Panda (CNY-denominated) bond on May 29-30 (est equivalent of E0.25bln, not
included in our weekly cashflow calculations).
- CASH FLOWS: Redemptions of E26.3bln (French OAT and Italy CCT) and E6.7bln in
coupons (France E6.6bln) will leave net cash flow negative by E15.6bln, vs
positive E12.3bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM270519.pdf

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