Following a combined E14.5bln.....>

EUROZONE ISSUANCE: Following a combined E14.5bln in EGB issuance last week, we

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

Germany, Spain and France will go to market.

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

and 1.50% RAGB Feb-47 for a combined E1.15bln. Germany will follow up on Tuesday

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 E0.1bln in coupons this week,

leaving net cash flow at positive E15.3bln, versus negative 28.3bln last week.

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

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