This week will see an estimated...>

EUROZONE ISSUANCE: This week will see an estimated E20.5bln of EGB issuance from

Belgium, Italy, Germany and France, roughly double last week`s E10.6bln.

RECAP: On Monday, Belgium sold three OLOs for a combined E3.0bln: E0.9bln of

0.50% Oct-24 OLO, E1.2bln of 0.90% Jun-29 OLO, and E0.9bln of 1.70% Jun-50 OLO.

- ISSUANCE: On Tuesday, Italy sells E2.0-2.5bln of 1.75% Jul-24 BTP, E2.5-3.0bln

of 3.00% Aug-29 BTP, and E0.75-1.0bln of Jan-25 CCTeu. Later Tuesday, Germany

re-opens Mar-21 Schatz for E4bln. France concludes issuance for the week

Thursday, reopening OATs for a combined E7.0-8.0bln: 0.50% May-29 OAT, 1.25%

May-34 OAT, and 1.75% Jun-39 OAT.

- OTHER: Cyprus`s favourably received unscheduled issuance last week augurs well

for other periphery EGB issuance in coming weeks (i.e. Greece and Portugal).

- CASH FLOW: E39.6bln in maturing EGBs, composed of Spain (E22.4bln) and Italy

(E17.2bln), and E10.7bln in coupons (Spain and Italy), will leave cash flow at

net negative E29.8bln, versus negative E34.8bln last week.

** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash

Flow Matrix: https://emedia.marketnews.com/CFM290419.pdf