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EGB issuance gets underway in.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance gets underway in 2019 with Spain being the first
country to issue, and only country next week. Expected issuance for next week is
E5.8bln Vs E7.0bln this week. 
- ISSUANCE: Issuance is kicked of on Thursday when Spain come to market selling
four bonds. The amounts issued are announced on Dec 31 but MNI estimates a
combined total of: 
E5.0bln for the 0.05% Oct-21 Bono, 0.35% Jul-23 Bono, and 1.40% Jul-28 Obli,
plus a further E0.8bln for the 0.70% Nov-33 Linker Obli.   
- CASH FLOWS: Next week sees E13.11bln worth cash flows returning to market
(E13.11bln in redemptions, E0.0bln in coupons). This leaves a net cash flow of
negative E7.3bln next week, versus negative E6.1bln this week. 
** For full details, please see MNI Eurozone bond auction calendar: 
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM311218.pdf 
* Issuance Profile: http://marketnews-m.objects.xtenit.com/IP311218.pdf

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