Germany, Austria, France and......>

EUROZONE ISSUANCE: Germany, Austria, France and Spain come to market this week.

Issuance is set to rise to E17.4bln from E9.5bln last week.

- ISSUANCE: Austria and Germany kick off issuance on Tuesday. Austria re-opens

0.00% Jul-23 RAGB and 0.75% Feb-28 RAGB for a combined E1.15bln. Meanwhile,

Germany's Deutsche Finanzagentur re-opens E0.5bln in 0.50% Apr-30 Bundei and

E0.25bln in 0.10% Apr-46 Bundei. Germany returns to market on Wednesday, tapping

0.00% Apr-23 Bobl for E2bln. On Thursday, France sell four OAT issues at a

combined E8.0-9.0bln: a new 0.75% Nov-28, and re-opens of: 5.50% Apr-29, 1.50%

May-31, and 1.25% May-36. Spain also taps the 0.05% Jun-21 Bono, the 0.35%

Jul-23 Bono, and the 1.40% Apr-28 Obli, for an estimated combined E4-5bln. Spain

also sells the 0.15% Nov-23 SPGBEi linker, for an estimated E0.25-0.75bln.

- CASH FLOWS: No major redemptions or coupons this week, so net cash flow is

positive by E17.4bln, contrasting with -E11.2bln last week.

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

Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance

Profile: https://tinyurl.com/y7qhuwh2