Germany come to the Eurozone......>

EUROZONE ISSUANCE: Germany come to the Eurozone bond issuance market Wednesday

with tap of its 10-yr benchmark 0.50% Aug 2027 Bund for up to E2.0bln. Eurozone

governments sold only E5.5bln last week. This was the second week of low supply.

This week's supply picks up to around E11.0bln in total.

- ISSUANCE: Still to come this week, on Thursday, France sell a fairly low

E4.0-5.0bln of OAT 0.25% Nov-26, OAT 5.5% Apr-29 and OAT 1.75% Jun-39. The same

day sees Spain issues E0.25-0.75bln SPGBei 0.3% Nov-21 and E3.0-4.0bln SPGB

0.45% Oct-22, SPGB 1.45% Oct-27 and SPGB 4.7% Jul-41.

- CASH FLOWS: This week there are no redemptions and only E0.1bln of coupon

payments, thus net supply will nearly equal gross supply i.e. E11.0bln.

**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/ybnzlygd