Germany comes to the sovereign....>

EUROZONE ISSUANCE: Germany comes to the sovereign bond issuance market Tuesday

with re-opening of its 30-yr benchmark 1.25% Aug-48 Bund for E1bln. Overall

issuance is expected to be for up to E17bln this week.

- ISSUANCE: Still to come this week, on Thursday, Spain taps 0.35% Jul-23 Bono,

5.90% Jul-26 Obli, 1.40% Jul-28 Obli, and 2.35% Jul-33 Obli for an indicative

amount of E4-E5bln. Also on Thursday, France taps two OATS - 0.00% Feb-21 and

0.00% Mar-24 - for a combined E6.5-7.5bln, and three linkers: the 0.10% Mar-25

OATi, 0.70% Jul-30 OATei, and 0.10% Jul-47 OATei, for a combined E1.25-1.75bln.

- RECAP: On Tuesday Germany launched a new 2-yr Jun-20 Schatz for E3bln.

- CASH FLOWS: There are total redemptions of E15.4bln (largely from The

Netherlands) plus coupons of E5.1bln, for a total of E20.5bln. This leaves net

cash flow negative E3.5bln vs positive E15.6bln this past week.

** 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