Italy and Ireland are yet to......>

EUROZONE ISSUANCE: Italy and Ireland are yet to come to market this week, which

will see total EGB sales of an estimated E19.4bln.

- RECAP: On Tuesday, the Netherlands sold E1.4bln of 0.25% Jul-29 DSL, while

Germany sold E0.4bln of 0.10% Apr-23 Bundei and E0.2bln of 0.50% Apr-30 Bundei.

On Wednesday, Germany allotted E3.2bln of new Aug-29 Bund. Also on Wednesday,

Portugal sold E1.0bln combined of 1.95% Jun-29 PGB and 4.1% Feb-45 PGB. 

- ISSUANCE: Italy sells 3-/7-Yr BTPs on Thursday: E2.5-3.0bln 1.00% Jul-22 BTP

and E2.0-2.5bln of 2.10% Jul-26 BTP. Also on Thursday, Ireland sells a combined

E1.0bln of 1.10% May-29 IGB and 1.30% May-33 IGB.

- SYNDICATION: Slovenia tapped 1.19% Mar-29 bond for E0.35bln on Monday. The

EFSF sold E2bln 10-Yr benchmark and a E1bln increase of the 1.75% Jul-53. And

Italy tapped 50-year 2.80% Mar-67 BTP for E3bln via syndication.

- CASH FLOW: Small redemptions (E0.2bln) and coupons (E0.1bln) mean cash flow is

set to come in at positive E19.0bln, vs negative E20.4bln this week.

** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash

Flow Matrix: https://emedia.marketnews.com/CFM080719.pdf