CORRECTION. The first week of.....>

EUROZONE ISSUANCE: CORRECTION. The first week of 2018 saw E18.2bln EGB

supply/150k Bund contract equivalents, down from the 190k equivalents sold in

the first week of 2017. In the coming week, MNI sees E17.9bln of gross issuance

but possible 10Y syndications could come from Portugal, Spain or Belgium.

- ISSUANCE: This week, Germany sells E0.5bln of Bundei 0.1% 2046 on Tuesday. the

same day, Austria begins its 2018 issuance with E1.38bln of RAGBs 0.5% Apr-27

and 1.5% Apr-47. The same day the Netherlands sells E1.5-2.5bln DSL 0% Jan-24.

The highlight for the week will be E5.0bln of a new 10Y Bund, the Feb-28 on

Wednesday. Scheduled issuance concludes with the M/L term BTP auction on

Thursday, MNI expects around E9bln; announcement is Monday.

- CASH FLOWS: There are no redemptions or coupons over the coming week so gross

supply equals net supply. The ECB PSPP began at a lower E30bln monthly pace

alongside reinvestment of redemptions, perhaps around E5bln per 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/ybnzlygd