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- Slovakia, Germany, Italy and....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: - Slovakia, Germany, Italy and the ESM are all coming to
market this week with issuance for the week likely to be around E13.5bln, 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 E44.4bln. 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. Germany sold E3.0bln of the 10-year 0% Aug-29 Bund on
Wednesday. The same day, Italy concluded the placement of the BTP Italia with
institutional clients taking up E3.67bln (in addition to the E2.99bln alloted to
retail investors). Italy will also conclude issuance for the week tomorrow by
selling E2.5-3.0bln of a new CTZ.
** For further details please see MNI Cash Flow Matrix and Issuance Profile:
https://emedia.marketnews.com/CFM211019hjkl.pdf

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