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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: The Netherlands, Germany, Portugal, Italy, Ireland and the
EFSF are all due to come to the market this week. We estimate issuance of
E20.6bln compared to E17.5bln last week.
- RECAP: The Netherlands sold E6bln of the 0% DSL Jul-30 on Tuesday. Germany
allotted E2.8bln of the 0.00% Feb-30 Bund on Wednesday, with Portugal following
up with a combined E1.18bln sale from auctioning the 2.875% Oct-25 PGB and
0.475% Oct-30 PGB.
- ISSUANCE: On Thursday, Italy will sell the 0.60% Jun-23 BTP, 3.10% Mar-2040
BTP, 0.85% Jan-27 BTP and 1.35% Apr-2030 BTP for a combined E5.5-7.0bln. Ireland
will also come to market on Thursday to auction the 1.1% May-29 TB for
E0.75-1.0bln.
- The EFSF also sold E2.0bln of the 0.40% Jan-26 bond on Tuesday.
- CASH FLOWS: There are E13.0bln of redemptions and E0.9bln in coupons in the
upcoming week. We estimate this will leave net cash flows at E6.7bln against
-E9.2bln last week. ** For further information please see MNI Eurozone Issuance
Profile & Cash Flow Matrix: https://emedia.marketnews.com/CFM090320uxna.pdf

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