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

EUROZONE ISSUANCE: Eurozone Sovereign bond issuance has been completed for this

week and totalled E15.6bln vs E14.15bln issued last week.

- RECAP: On Wednesday Germany re-opened its 10-yr 0.5% Feb-28 Bund for E2bln. On

Thursday Spain launched a new 5-yr 0.35% Jul-23 Bono for E2.576bln tapped an old

15-yr 5.90% Jul-26 Obli for E744mln and 10-yr benchmark 1.40% Apr-28 Obli for

E1.036bln. France then tapped 3-yr 0.0% Feb-21 OAT for E5.051bln and 5-yr 0.0%

Mar-23 OAT for E2.446bln. 1-hour later France re-open 1.10% Jul-22 OATei for

E907mln, 1.85% Jul-27 OATei for E619mln and 0.10% Jul-47 OATei for E220mln

- 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 E700mln.