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EUROZONE ISSUANCE: MNI expects around E23.1bln this week. This is larger than
last week. This week's supply is above the weekly average for 2017 of E19bln per
RECAP: On Tuesday, the Netherlands sells E2-3bln of DSL Jul-27 and there is a
German linker, Bundei 0.1% Apr-46. Austria sold E4bln of a new RAGB 0.5% Sep-22
and E3.5bln of RAGB 2.1% Sep-2111. Wednesday saw E2.5bln of BTP 0.35% Jun-20,
E4.0bln of BTP 1.45% Nov-24 & E1.5bln BTP 2.25% Sep-36, Germany sold E3bln Bund
0% Aug-27 and Portugal sold E0.85bln PGB 4.125% Apr-27.
ISSUANCE: On Thursday, Ireland sells 1% 2026 and 1.7% 2037.
CASH FLOW: Redemptions rise to a massive E40.3bln spread between Italy, Germany,
Austria and Finland on the 15th. MNI calculates coupons of E3.3bln, so cash
inflows push past the E19.50bln of potential issuance for a negative flow of
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance