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EUROZONE ISSUANCE: The past week saw intense and syndication activity in SSA,
which created E27.7bln of supply. Next week drops significantly to around
E12.7bln, although syndications are likely.
- ISSUANCE: On Monday, Slovakia issues E74mln of 1.375% Jan-27 and E100mln of
1.875% Mar-37. On Wednesday Germany sells E1.5bln of Bund 1.25% Aug-48. Finally,
Spain and France undertake their usual bi-monthly auctions on Thursday. A new
10Y Spanish or Belgium 15Y Green bond or 10Y non-Green early in the week are
reasonable guesses, taking advantage of the heavy cash inflows.
- CASH FLOWS: The ECB buys perhaps around E5bln per week. Additionally, there is
a E15.3bln BTP redemption, a E13.3bln Dutch redemption and E12.2bln Austrian
redemption on Monday totalling E41bln, alongside E5bln of coupon payments. We
count net issuance of E33.2bln, which is around 38bln once the ECB APP buying is
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance