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‌‌(M1)‌‌ Bearish Risk Remains Present


NPC To Push Ahead With HK Electoral Changes-Xinhua

EUROZONE ISSUANCE: This week sees Austria, Germany, Finland, Spain, and France
sell a total of E14.9bln in bonds at auction, versus E15.8bln last week.
- ISSUANCE: On Tuesday, Austria sells a combined E1.38bln of re-opened RAGBs:
0.50% Feb-29 RAGB and 2.40% May-34 RAGB. Also on Tuesday, Germany sells E0.5bln
of 0.50% Apr-30 BundEi linkers. On Wednesday, Finland comes to market, selling
E1.0bln of 0.50% Sep-29 RFGB. Thursday, Spain sells nominal and linker bonds:
0.05% Oct-21 Bono, 0.25% Jul-24 Bono, and 1.00% Nov-30 BonoEi. We estimate a
total of E2.5-3.5bln in nominal and E0.5-1.0bln in linkers. Also Thursday,
France sells between E7.5-9.0bln of OATs (all re-opens): 2.75% Oct-27 OAT, 0.50%
May-29 OAT, 1.25% May-36 OAT, and 1.50% May-50 OAT.
- CASH FLOWS: With just E0.3bln in redemptions and E1.5bln in coupons (Italy)
due this week, cash flow will come in at positive E13.1bln, versus negative
E17.1bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: