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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. A syndications from Finland and Italy are also expected. 
- RECAP: Germany kicked off issuance on Tuesday, re-opening 0.10% Apr-26 BundEi
and 0.10% Apr-46 BundEi for a combined E0.60bln. Later Tuesday Finland
syndicated the new 10yr RFGB Sep-29 benchmark for E3.0bln. 
- ISSUANCE: 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 estimated at 3-4bln.
Also Thursday, Spain sells E0.5-1.0bln of 0.20% Nov-30 SPGBEi linker. Italy are
also expected to issue a new 30yr BTP through syndication during the week. 
- 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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