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.

- RECAP: On Monday, Slovakia sold 0.625% May-26 for E131mln and 1.875% Mar-37

for E99mln. 

- ISSUANCE: 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