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RECAP: On Monday, Italy began.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: RECAP: On Monday, Italy began with E3.5bln of a new CCTeu
Apr-25, E2.5bln of BTP 0.9% Aug-22 and E2.5bln of BTP 2.05% Aug-27.
Issuance: On Thursday, France sells E7.5-8.5bln of OAT 0.75% May-28, OAT 1.5%
May-31 and 2.0% May-48 and Spain sells E3.5-4.5bln of SPGB 0.45% Oct-22, SPGB
1.45% Oct-27, SPGB 4.9% Jul-40 and the SPGBei 0.65% Nov-27 E0.25-0.75bln.
FLOWS: In terms of cash inflows, on Tuesday there was E16.8bln from Spain and
there is E15.6bln from Italy today and there are E11.9bln of coupon payments all
equating to E44.3bln. Net supply is minus E22.13bln.
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x

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