Due in large part to holidays,....>

EUROZONE ISSUANCE: Due in large part to holidays, next week will see just

E6.5bln of issuance, versus E13.4bln this week.

- ISSUANCE: Wednesday sees all of next week`s issuance. Italy sells CTZ/BTPEi,

amounts and issues TBA, though MNI estimates E3-4bln, potentially including a

new 2Yr CTZ to be issued. A little later Wednesday, Germany sells E3bln in 10-Yr

benchmark 0.25% Feb-29 Bund.

- CASH FLOW: Next week sees massive redemptions of E31.2bln (E29.3bln of which

is the 4.25% Apr-19 OAT) and coupons of E14.1bln (France = E13.7bln), leaving

cash flow at negative E38.8bln, versus negative E3.1bln last week. Plenty of

cash returning to market in the near future: looking ahead to the week beginning

April 29, there are a further E39.6bln in redemptions and E10.8bln in coupons.

** Due to the long weekend and lack of official announcements on Issues and

Amounts thus far, our full preview and cash flow matrix will be published on

April 23.

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