Free Trial

Italy and Germany return to.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Italy and Germany return to market later this week. Total
weekly sales of E16.4bln are expected, versus E12.6bln last week.
- RECAP: Italy on Tuesday, sold E3.75bln of re-opened bonds: E2.5bln of Jun-21
CTZ, E0.63bln of 0.10% May-23 BTPei, and E0.62bln of 1.30% May-28 BTPei. Also
Tuesday, Germany allocated E3.9bln of new Jun-21 Schatz.
- ISSUANCE: On Wednesday, Germany follows up by re-opening Apr-24 Bobl for
E3bln. On Thursday, Italy sells up to E6bln: E0.50-0.75bln of Jan-25 CCTeu,
E2.25-2.75bln of 3.00% Aug-29 BTP, and a combined E2.0-2.5bln of 1.75% Jul-24
BTP and 2.00% Dec-25 BTP. Also,  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 CTZ) and E6.7bln in
coupons (France E6.6bln) will leave net cash flow negative by E16.6bln, 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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.