EUROZONE ISSUANCE: Sovereign bond issuance this week is scheduled from Belgium, Germany, Italy and Spain -- total supply is estimated at E12.55bln compared to E4.79bln sold last week. Belgium kicks off issuance on Monday, which includes taps of the 1.25% June 2018 OLO69, 3.00% Sep 2019 OLO67, 2.25% June 2023 OLO68 and 4.25% Mar 2041 OLO60 for between E2.2bln-E3.2bln indicative size. On Tuesday, Italy taps its 5-year benchmark 3.50% June 2018 BTP for between E1.0bln to E2.0bln and also sells a new 10-year benchmark 4.50% Mar 2024 BTP for between E3.0bln-E3.75bln indicative size. On Wednesday, Germany re-opens its 30-year benchmark 2.50% July 2044 Bund for E2.0bln. On Thursday, Spain benchmark 3-year 3.30% July 2016 Bono , 5-year 3.75% Oct 2018 Bono -- size details are published on Monday and expected to be for up to E3.0bln. France has cancelled its long-term OAT auctions on Thursday. In terms of reinvestment flows, redemptions are scheduled from Spain E14.95bln, Italy E24.7bln and coupon payments from the Italy E7.4bln, Spain E7.4bln - leaves net cash flow positive to the tune of E42.0bln vs E15.2bln last week. For full details of forthcoming issues, please see eurozone bond auction calendar & MNI Eurozone Net Cash Flow Matrix.
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