Following a combined E14.25bln....>

EUROZONE ISSUANCE: Following a combined E14.25bln in issuance this week, we

expect a marginal uptick to E15.4bln for the week beginning March 4. Austria,

Germany, Spain and France will tap the market next week.

- ISSUANCE: Austria will kick off by re-opening the 0.50% RAGB Jan-29 and 1.50%

RAGB Feb-47 on Tuesday for a combined E1.15bln. Germany will follow up with the

0.10% BundEi Apr-26 for E0.75bln. Spain will come to market on Thursday to

auction the 0.35% Jul-23 Bono, 1.45% Apr-29 Obli, 1.00% Nov-30 I/L Obli and the

2.70% Oct-48 Obli. Issuance targets for the Spanish auctions are yet to be

announced but we estimate E4.5-5.5bln. France will conclude issuance for the

week with auctions of the new 0.50% May-29 OAT, 1.25% May-34 OAT and 3.25%

May-45 OAT for a combined E8.0-9.0bln.

- CASH FLOW: There are no redemptions and just a E0.1bln coupon payment next

week, leaving net cash flow at E15.3bln.

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

* Cash Flow Matrix: https://emedia.marketnews.com/CFM040319.pdf