ING: The Total Supply of Government Bonds in the Euro Area is Expected to Fall in July

ING rates strategists expect total euro zone government bond issuance to fall to less than 100 billion euros in July from nearly 119 billion euros in June.
Redemptions this month will rise to 85 billion euros from 41 billion euros in June, while coupons will rise to almost 22 billion euros from 8 billion euros.
Net flows (gross issuance less redemptions and coupons) are expected to be -€10bn in July, compared to nearly €70bn in June.
Regarding the quarterly funding review of euro zone sovereigns, strategists believe that major issuers are aiming to reduce their funding through money markets.