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EUROZONE ISSUANCE: - Slovakia, Germany, Italy and the ESM are all coming to
market this week with issuance for the week likely to be around E13.7bln, down
from E19.1bln issued last week. However, the cash flow position will be
considerably negative with E43.6bln of redemptions due along with E14.9bln of
coupons, leaving a negative net cash flow of E44.2bln. This compares to a
positive next cash flow for last week of E3.5bln.
- ISSUANCE: Slovakia kicked off issuance for the week with a combined E0.2bln of
the 1.00% Jun-28 and 0.75% Apr-30 SLOVGBs sold. The ESM followed this up on
Tuesday with a syndication which sold E3.5bln of a new 0% coupon 5-year issue
maturing Mar-25. Today, Germany are due to sell E3.0bln of the 10-year 0% Aug-29
Bund. The same day, Italy are due to begin sales of the BTP Italia to
institutional clients following the retail sales on Monday and Tuesday. Italy
will also conclude issuance for the week on Friday by selling E2.5-3.0bln of a
** For further details please see MNI Cash Flow Matrix and Issuance Profile: