Eurozone Sovereign bond...........>

EUROZONE ISSUANCE: Eurozone Sovereign bond issuance is expected to be little

changed next week with Germany, France and Spain scheduled to come to the market

totalling E15.5bln vs E14.15bln issued this week.

- ISSUANCE: Issuance kicks off on Wednesday with Germany re-opening 0.5% Feb-28

Bund for up to E2bln. On Thursday Spain launch a new 5-yr 0.35% Jul-23 Bono

re-open an old 15-yr 5.90% Jul-26 Obli and 10-yr benchmark 1.40% Apr-28 Obli

with size announced on Monday but expected to be for up to E5bln. Also on

Thursday France tap 3-yr 0.0% Feb-21 OAT and 5-yr 0.0% Mar-23 OAT for a combined

amount of between E6.5-E7.5bln. France then tap 1.10% Jul-22, 1.85% Jul-27 and

0.10% Jul-47 OAT linkers for a combined amount of between E1.25-E1.75bln.

- CASH FLOWS: There is a redemption payment from Italy for E13.6bln and coupon

payments from Germany E540mln, Ireland E417mln and Italy E346mln leaves net cash

flow positive to tune of E0.5bln.

** 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/y7qhuwh2