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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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EUROZONE ISSUANCE: The calendar is busy next with Germany, France and Spain
coming to the market and with total issuance of around E22.62bn compared to
E11.77bn this week.
- ISSUANCE: Belgium kicks off the week with four issues expected to raise around
E3.1-3.25bln on Monday, followed by a relatively small tap from Slovakia worth
E0.191bln. Germany will tap a Jun-20 Schatz for E4.0bn on Tuesday and then
re-open the 2.50% Jul-44 for E1.5bln on Wednesday. Thursday will be the busiest
day with France's AFT tapping three OATS (0.0% Feb-21 OAT, 3.0% Apr-22 OAT, 0.0%
Mar-24 OAT) for E7.5-8.0bln and three linkers (1.85% Jul-27, 0.0% Mar-28 and
0.10% Jul-47) for E1.5-2.0bln. Finally, Spain will tap the 0.35% Jul-23 Bono,
1.60% Apr-25 Obli and 5.15% Oct-44 Obli for E4.0bln.
- CASH FLOWS: There is a E10.7bln redemption for Belgium as well as a E2.37bln
coupon payment. There is also a small E0.36bln coupon for Austria. ** For full
details, please see MNI Eurozone bond auction calendar, MNI Eurozone net Cash
Flow Matrix: and MNI Eurozone Issuance Profile:

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