EGB issuance is light again.......>

EUROZONE ISSUANCE: EGB issuance is light again this week as Eurozone issuers

wind down for the year, with an estimated E7.3bln to be sold vs E11.0bln last

week, with Spain and France the only two countries to come to market.

- ISSUANCE: Spain kicks off issuance for the week on Wednesday, selling the

0.05% Oct-21 Bono, 0.35% Jul-23 Bono, and 1.40% Jul-28 Obli. The Tesoro Publico

will announce the issuance size Monday, but MNI estimates it will be

E3.0-4.0bln. France will then wrap the week`s issuance on Thursday selling the

1.75% May-23, 0.50% May-25, 3.50% Apr-26, and 0.25% Nov-26 OATs for a combined

E3.0-4.0bln.

- CASH FLOWS: Another week of large cash flows returning to market (E18.8bln in

redemptions, E1.1bln in coupons)will see cash flow of net negative E12.6bln this

week, versus net negative E15.5bln last week.

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

* Net Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM031218.pdf 

* Issuance Profile: http://marketnews-m.objects.xtenit.com/IP031218.pdf