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There is no sovereign bond........>

EUROZONE ISSUANCE
MNI (London)
EUROZONE ISSUANCE: There is no sovereign bond issuance in the Eurozone scheduled
Friday. Overall, EGB issuance this week is came in at E17.62bln vs E16.8bln sold
last week vs the weekly YTD average pace at E20.4bln, according to MNI.
- SUPPLY RE-CAP: Germany has so far sold E4bln of 2-year 0% Schatz Jun-19 on
Tuesday and E3bln of 10-year Bund 0.5% Aug-27 on Wednesday. On Thursday, Spain
sold SPGBei 0.3% Nov-21 for E580mln and 3 nominal issues - SPGB 0.4% Apr-22 for
E1.736bln, SPGB 5.9% Jul-26 for E1.026bln and SPGB 4.7% Jul-41 for E780mln. In
addition, France sold OAT 6% Oct-25 for E1.521bln, OAT1% May-27 for E3.598bln
and OAT 2% May-48 for E1.379bln.
- CASH FLOW: There are big peripheral cash flows with E28.8bln of Spanish
coupons & redemptions and a similar E22.5bln from Italy on Monday and Tuesday,
respectively. Total reinvestment flows amount to E51.04bln. EGB supply net of
cash inflows is a massive -E33.41bln. 
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x

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