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Eurozone sovereign bond...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone sovereign bond issuance is in the summer doldrums
and has already concluded this week with E5.1bln sold versus E17.62bln sold last
week. This compares to the weekly YTD average pace of circa E20bln, according to
MNI calculations. 
- RECAP: On Tuesday, Austria sold E805mln of an off-the-run RAGB 1.75% Oct-2023
along with E345mln 30-year benchmark RAGB 1.5% Feb-2047 for a combined total of
E1.1bln. Germany concluded supply on Wednesday with re-opening of the 5-year
benchmark Bobl 0% Oct-2022 for E4bln. 
- SUPPLY: The only bond supply next week is scheduled to come from Spain. 
- CASH FLOW: There was a small coupon for E0.04bln, with no redemption payments
scheduled this week -- equating to a net cash flow of E5.06bln. 
**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: http://tinyurl.com/h7trj4x

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