Germany comes to the Eurozone.....>

EUROZONE ISSUANCE: Germany comes to the Eurozone Sovereign bond market Wednesday

with re-opening of 0.5% Feb-28 Bund for up to E2bln. While Italy continues

building its 6-yr BTP Italia book. Overall, issuance is expected to be little

changed this week at E15bln vs E14.15bln issued last week.

- ISSUANCE: Still to come this week, on Thursday Spain launch a new 5-yr 0.35%

Jul-23 Bono re-open an old 15-yr 5.90% Jul-26 Obli and 10-yr benchmark 1.40%

Apr-28 Obli for an indicative size of between E4.0-E5.0bln. Also on Thursday

France tap 3-yr 0.0% Feb-21 OAT and 5-yr 0.0% Mar-23 OAT for a combined amount

of between E6.5-E7.5bln. France then tap 1.10% Jul-22, 1.85% Jul-27 and 0.10%

Jul-47 OAT linkers for a combined amount of between E1.25-E1.75bln.

- CASH FLOWS: There is a redemption payment from Italy for E13.6bln and coupon

payments from Germany E540mln, Ireland E417mln and Italy E346mln leaves net cash

flow flat.

** 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