Italy conducts its medium-long....>

EUROZONE ISSUANCE: Italy conducts its medium-long auctions on Thursday - sells a

new 3-year BTP 0.05% Apr 2021, tap 7-year BTP 1.45% May 2025, 20-year BTP 2.95%

Sep 2038 and 30-year BTP 3.45% Mar 2048 for between E7.25bln-E9.25bln. Overall,

sovereign bond issuance in the Eurozone this week is now estimated to come in

around E20bln vs E14.684bln sold last week -- includes syndicated 15-year deals

from Ireland and Portugal.

- RE-CAP: Tuesday was a heavy issuance day - Netherlands sold E2.005bln 0.00%

Jan 2024 DSL; Austria tapped 10-year 0.75% Feb 2028 RAGB and 20-year RAGB 4.15%

Mar 2037 for up to E1.15bln; Germany 10-year linker Bundei 0.10% Apr 2026 for up

to E500mln. Ireland sold E4ln new syndicated 15-year benchmark bond. On

Wednesday, Germany re-opens off-the-run Bund 2.5% Aug-46 for up to E1.5bln and

Portugal sold a new syndicated 15-year deal for E3bln.

- CASH FLOWS: Minor coupons from Germany for E0.1bln and redemption from Germany

for E17bln - turns net cash flow positive around E3bln. 

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

Issuance Profile: https://tinyurl.com/h7trj4x