Italy comes to the Sovereign......>

EUROZONE ISSUANCE: Italy comes to the Sovereign bond market Friday with tap of

3-yr 0.05% Apr-21 BTP for E2.25-E2.75bln, 7-yr 1.45% May-25 BTP for E2.0-E2.5bln

and 15-yr 2.45% Sep-33 BTP for E1.0E1.5bln. Overall, Issuance is expected to

fall slightly to E14.2bln this week vs E15.99bln issued last week.

- RECAP: On Tuesday Netherlands re-opened 10-yr 0.75% Jul-28 DSL for E1.79bln.

Austria re-opened 10-yr 0.75% Feb-28 RAGB and 30-yr 1.50% Feb-47 RAGB for

combined amount of E1.15bln. While Germany tapped 15-yr 0.50% Apr-30 Bundei for

E500mln and 30-yr 0.10% Apr-46 Bundei for E250mln. On Wednesday Germany tapped

30-yr Buxl for E1.5bln, while Portugal re-opened 4.95% Oct-23 PGB for E724mln

and 2.125% Oct-28 PGB for E483mln. On Thursday Ireland tapped 5-yr 0.0% Oct-22

IGB for E500mln and 10-yr 0.90% May-28 IGB for E500mln.

- CASH FLOWS: Very light cash flows this week, with no redemptions payments

scheduled and only coupon payments worth a total of E243mln that leaves net cash

flow positive to tune of E14bln.