Austria, Germany, Portugal,.......>

EUROZONE ISSUANCE: Austria, Germany, Portugal, Spain and Ireland come to market

next week. We expect issuance of just E10.1bln, versus E21.1bln this week.

- ISSUANCE: On Tuesday, Austria gets things started with a re-opening of a

combined E1.38bln of 0.00% Jul-23 RAGB and 0.50% Feb-29 RAGB. Later Tuesday,

Germany re-opens two linkers: E0.4bln of 0.10% Apr-26 Bundei, and E0.3bln of

0.10% Apr-45 Bundei. On Wednesday, Germany returns with E3bln in re-opened

Apr-24 Bobl. Also Wednesday, Portugal sells between E1.0-1.25bln of re-opened

PGBs: 1.95% Jun-29 and 2.25% Apr-34. Thursday, Spain re-opens three nominal

bonds and a linker: 0.25% Jul-24 Bono, 1.45% Apr-29 Obli, 2.70% Oct-48 Obli, and

0.70% Nov-33 BonoEi linker. Total amount TBA May 6 but MNI estimates E3-4bln.

Also Thursday, Ireland sell IGB, details TBA May 6.

- CASH FLOW: With very limited cash returning to market (E1bln in redemptions,

E0.2bln in coupons), cash flow will come in at positive E8.9bln, versus net

negative E29.2bln this week.

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

Flow Matrix: https://emedia.marketnews.com/CFM060519.pdf