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EUROZONE ISSUANCE: The cash flow situation looks bullish this week. Issuance
drops to E15.75bln from E20.2bln sold in the past week and the E19bln average
ISSUANCE: Germany starts the issuance with E1bln of the Bundei Apr-26 on
Tuesday, together with E1bln of RFGB 0% Apr-22. Then, on Wednesday, there is a
E3.0bln of a DSL 0.75% Jan-24 via a DDA, Portugal sells E1.0-1.25bln of Oct-22
and Apr-27 and Germany sells E3bln of Obl 0% Oct-22. Finally, Italy is scheduled
to sell E3.5-4.0bln of a new 3Y BTP 0.2% Oct-20, E1.5-2.0bln of BTP 1.45% Nov-24
and E1.0-1.5bln of BTP 3.45% Mar-48. As always, there is a chance of a
syndicated bond on such a quiet issuance week.
FLOWS: Cash inflows are decent with a E1.25bln redemption from Slovenia on
Monday and E16bln from Germany on Friday. There is just E0.3bln of coupon
payments, mostly from Germany. Net supply is minus E1.8bln.
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance