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May 12 M-T/L-T Auction Details


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MNI (London)
EUROZONE ISSUANCE: Sovereign bond issuance for this week is looking similar in
nominal terms to this past week. MNI estimates E15.75bln, compared to E16.4bln
last week. 
- ISSUANCE: On Wednesday, Germany sells E3bln of Obl 0% Apr-23. On Thursday,
Spain sells SPGB 0.05% Jan-21, 1.4% Apr-28 and 2.7% Oct-28 in nominals. MNI
estimates E4.5bln of Spanish nominals. Spain also sells SPGBei 0.65% Nov-27, MNI
estimates E750mln. Also Thursday France sells long term debt, likely around
E6.5bln in total.
- CASH FLOWS: There are no redemptions until a glut on/after Apr 13th. Coupon
payments are E0.1bln this week. Net issuance is estimated at E15.6bln. 
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance
MNI London Bureau | +44 203-586-3805 |
MNI London Bureau | +44 203-586-3805 |

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