EGB issuance is complete for......>

EUROZONE ISSUANCE: EGB issuance is complete for the week, with Germany, France,

Spain, and Ireland selling a total E16.7bln, vs E5.5bln last week.

- RECAP: The EFSF syndicated a new 5-Yr benchmark Jan-24 for E4bln Tuesday (not

included in our cash flow calculations). Germany kicked off auction issuance

Wednesday, re-opening 0.25% Aug-28 Bund for E3.0bln (E2.4bln allotted). On

Thursday, France re-opened four OATs for a combined E8.9bln: E1.7bln of 0.25%

Nov-26 OAT, E3.8bln of 0.75% Nov-28 OAT, E1.5bln of 2.50% May-30 OAT, and

E1.9bln of 4.50% Apr-41 OAT. Also Thursday, Spain re-opened 0.05% Oct-21 Bono

for E1.2bln, 0.35% Jul-23 Bono for E1.4bln, 4.20% Jan-37 Obli for E0.6bln, and

3.45% Jul-66 Obli for E0.8bln - a total of E4bln. In addition, Ireland re-opened

3.9% Mar-23 IGB for E0.35bln and 0.9% May-28 IGB for E0.4bln.

- CASH FLOWS: With no major redemptions and limited coupons (E60mln) returning

to market, cash flow will be positive by an estimated E16.6bln, compared with

negative E38.3bln last week.

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