Slovakia, Germany, Spain, and.....>

EUROZONE ISSUANCE: Slovakia, Germany, Spain, and France will issue EGBs this

week. A Belgian syndication has pushed up our supply estimate to E24bln from

E19bln originally.

- RECAP: Slovakia sold a combined E0.257bln of the 1.000% Jun-28 bond and the

1.875% Mar-37 bond on Monday. Germany allotted E4.06bln of the new 0% Mar-22

Schatz on Tuesday. Belgium sold a Jun-2040 bond through syndication for E5bln.

On Wednesday Germany allotted E0.975bln of the 1.25% Aug-48 bund.  

- ISSUANCE: Thursday will be busy: Spain sells 0.0% Jan-25 Bono (new) and 0.50%

Apr-30 Obli (re-open) for E4.0-5.0bln. The same day, France sells

EUR7.25-8.75bln of nominal OATS: 0.0% Feb-23, 0.0% Mar-25, and 0.25% Nov-26.

Later in the morning, France sells EUR1.0-1.5bln of linkers: 0.10% Mar-25 OATi,

0.10% Mar-29 OATEi, and 0.10% Jul-36 OATEi.

- CASH FLOWS: With small redemptions and EUR3.0bln of coupons, net cash flow

will come in at positive EUR15.7bln next week.

** https://emedia.marketnews.com/marketnewsintl/CFM14022020.pdf. ***Incl our

pre-Belgium synd supply estimate.