Both France and Spain are.........>

EUROZONE ISSUANCE: Both France and Spain are scheduled to come to the Eurozone

issuance market Thursday. Issuance is set to rise to E17bln from E9.5bln.

- ISSUANCE: Spain is up first with taps of 0.05% Jun-21 Bono, 0.35% Jul-23 Bono,

and 1.40% Apr-28 Obli, for E2-E3bln combined. Spain also sells the 0.15% Nov-23

SPGBei linker for E1.75-E2.25bln. France then sell four OAT issues at a combined

size of E8.0-9.0bln: a new 0.75% Nov-28, and re-openings of 5.50% Apr-29, 1.50%

May-31, and 1.25% May-36. 

- RECAP: On Tuesday Austria tapped 0.00% Jul-23 RAGB and 0.75% Feb-28 RAGB for

E1.15bln. While Germany tapped 0.50% Apr-30 Bundei for E500mln and 0.10% Apr-46

Bundei for E250mln. On Wednesday German re-opened its 5-yr Apr-23 Bobl for

E2bln.

- CASH FLOWS: No major redemptions or coupons this week, so net cash flow is

positive by E17bln, contrasting with -E11.2bln last week.

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

Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance

Profile: https://tinyurl.com/y7qhuwh2