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

EUROZONE ISSUANCE: Due in large part to holidays, this week will see just E7bln

of EGB issuance, versus E13.4bln last week.

- ISSUANCE: Wednesday sees all of this week`s issuance. Italy sells new Jun-21

CTZ for up to E3.5bln, and re-opens 1.25% Sep-32 BTPei for up to E1.0bln. A

little later Wednesday, Germany sells E3bln in 10-Yr benchmark 0.25% Feb-29

Bund.

- CASH FLOW: This 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 E38.4bln, 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.

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

Flow Matrix: https://emedia.marketnews.com/CFM220419.pdf