Eurozone governments should.......>

EUROZONE ISSUANCE: Eurozone governments should issue only E2.2bln of scheduled

supply this week as the US market thins because of Thanksgiving. This is

substantially lower than the 2017 record E35.25bln issued last week.

- ISSUANCE: On Monday, Slovakia sells 0.625% May-26 for E131mln and 1.875%

Mar-37 for E100mln. On Tuesday, Finland sells E1.0bln of RFGB 0.5% Sep-27.

Finally on Wednesday, Germany sells E1.0bln of Bund 1.25% Aug-48 and that closes

out the week. With nearly all European governments well-funded in 2017 and

Thanksgiving, there is little chance of a syndication. However, in the

background, Greece is undertaking a potential E32bln debt swap with expiration

deadline on Tuesday 28 November.

- CASH FLOWS: This week there are no redemptions but E0.4bln of coupons from

Austria. So gross issuance is E2.2bln and net supply is E1.9bln.

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

Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance

Profile: https://tinyurl.com/ybnzlygd