German comes back to the..........>

EUROZONE ISSUANCE: German comes back to the Eurozone issuance market Wednesday

with re-opening of 2.50% Jul-44 Bund for E1.5bln. Issuance is expected to be

around E22.62bn compared to E11.77bn last week.

- ISSUANCE: Still to come this week on Thursday France's AFT taps three OATS

(0.0% Feb-21 OAT, 3.0% Apr-22 OAT, 0.0% Mar-24 OAT) for E7.5-E8.0bln and three

linkers (1.85% Jul-27, 0.0% Mar-28 and 0.10% Jul-47) for E1.5-E2.0bln. Finally,

Spain will tap the 0.35% Jul-23 Bono, 1.60% Apr-25 Obli and 5.15% Oct-44 Obli

for between E4.5-E5.5bln.

- RECAP: Belgium kicked off issuance on Monday with tap of 0.20% Oct-23,0.80%

Jun-28, 1.00% Jun-31 and 1.60% Jun-47 for combined total of E3.6bln. On Tuesday

Germany taped 2-yr Jun-20 Schatz for E4.0bln.

- CASH FLOWS: There is a E10.7bln redemption for Belgium as well as a E2.37bln

coupon payment. There is also a small E0.36bln coupon for Austria.

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

net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance

Profile: https://tinyurl.com/y7qhuwh2