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Following E28.5bln in issuance....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Following E28.5bln in issuance last week, issuance takes a
slight breather this week with an estimated E18.0bln on offer from Germany,
France, and Spain -- and a possible syndication from Finland.
- ISSUANCE: Germany kicks off issuance on Tuesday, re-opening 0.10% Apr-26
BundEi for E0.25bln and 0.10% Apr-46 BundEi for E0.50bln. On Thursday, France
comes to market, re-opening 0.75% Nov-28 OAT, 2.50% May-30 OAT, and 1.75% Jun-39
OAT, for a combined amount between E8-9bln. Also Thursday, Spain re-opens three
nominal bonds: 0.05% Oct-21 Bono, 5.90% Jul-26 Bono, and 2.35% Jul-33 Obli, for
a combined amount TBA on Feb 4 but estimated at E4-5bln. Also Thursday, Spain
sells E0.5-1.0bln of 0.20% Nov-30 SPGBEi linker. Additionally, Finland may issue
5-10 Yr RFGB via syndication, confirmation TBA but we estimate it will be 5-Yr
for E3-4bln, on Tuesday.
- CASH FLOW: Cash returning to market this week totals just E1.5bln, leaving
total cash flow at positive E16.5bln Vs negative E28.9bln last week.
** For full details, please see MNI Eurozone bond auction calendar.
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM040219.pdf

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