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The Netherlands, Germany,.........>

EUROZONE ISSUANCE: The Netherlands, Germany, Portugal, Ireland, and Italy come
to market this week, selling E11.6bln in EGBs, vs E17.7bln this week.
- RECAP: The Netherlands sold E1.54bln of the 0.25% Jul-29 DSL on Tuesday. On
the same day Germany allotted E0.207bln of the 0.1% Apr-46 Bundi.
- ISSUANCE: On Wednesday, Portugal re-opens two PGBs for a combined total of
E1.0-1.25bln: 1.95% Jun-29 PGB and 2.25% Apr-34 PGB. Ireland will re-open the
1.1% May-29 bond for E1.0bln on Thursday. On the same day Italy will sell the
0.05% Jan-23 BTP for E3.5-4.0bln, the 2.10% Jul-26 BTP for E1.75-2.25bln and the
3.85% Sep-49 BTP for E1.0-1.5bln.
- CASH FLOW: With redemptions of E14.4bln (largely E13bln Schatz, plus E1.4bln
Finland) and E0.1bln in coupons, net cash flow will come in at negative 2.6bln,
vs negative E17.4bln this week.
** For further details please see MNI Cash Flow Matrix and Issuance Profile:

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