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This week sees six countries......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: This week sees six countries come to market, selling an
estimated total of E18bln in EGBs, versus E12.5bln last week.
- RECAP: Austria on Tuesday sold a total of E1.15bln in RAGBs: of 0.00% Jul-23
RAGB (E0.58bln) and 0.50% Feb-29 RAGB (E0.58bln). Germany allotted E0.56bln of
0.50% Apr-30 BundEi linker Tuesday, then on Wednesday allotted E2.48bln of
Apr-24 Bobl. Also Wednesday, Portugal sold E1bln in PGBs: 1.95% Jun-29 PGB
(E0.6bln) and 4.10% Apr-37 PGB (E0.4bln). Later Wednesday, Finland sold a total
E1bln in RFGBs, E0.5bln each: 0.50% Apr-26 RFGB and 1.375% Apr-47 RFGB.
- ISSUANCE: Spain on Thursday sells new 0.25% Jul-24 Bono and re-opens 1.85%
Jul-35 Obli for E4-5bln. Also Thursday, Italy sells up to E7.75bln in BTPs:
E2.0-2.5bln of 1.00% Jul-22 BTP, E3.25-3.75bln of 2.10% Jul-26 BTP, and
E1.0-1.5bln of 3.35% Mar-35 BTP.
- CASH FLOW: E16.2bln returning to market (including E16bln Bobl redemption)
will leave net cash flow at +E1.8bln, versus +E10.8bln last week.
** For full details, please see MNI Eurozone bond auction calendar
* Cash Flow Matrix: https://emedia.marketnews.com/CFM080419.pdf

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