EGB issuance is set to pick up....>

EUROZONE ISSUANCE: EGB issuance is set to pick up significantly next week as

Austria, Netherlands, Germany, France and Italy kick off their bond issuance for

2019. Issuance is estimated to be E22.4bln Vs E5.1bln this week. 

- ISSUANCE: Austria begin the week on Tuesday when they auction the 0.75% Feb-28

RAGB and 1.50% Feb-47 RAGB for a combined E1.265bln. Later Tuesday Netherlands

come to market selling the 1.75% Jul-23 DSL for E1.25-1.75bln. Last to issue on

Tuesday is Germany when they tap the 0.50% Apr-30 iBund for E0.5bln. Germany

then come to the market on Wednesday for E4.0bln for the new Feb-29 Bund.

Thursday see's France looking for E8.0-9.0bln selling the 0.75% Nov-28, 1.25%

May-34, and 2.00% May-48 OATs. Issuance is then wrapped up for the week on

Friday when Italy sell M/L Term BTPs, size announcement due on Tuesday.    

- CASH FLOW: Next week sees E0.0bln worth cash flows returning to market

(E0.0bln in redemptions, E0.0bln in coupons). This leaves a net cash flow of

positive E22.4bln next week, versus negative E23.4bln this week.

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

* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM070119.pdf