Germany, France, Italy, Spain.....>

EUROZONE ISSUANCE: Germany, France, Italy, Spain and Portugal issued EGBs this

week. Total supply came to E32.8bn compared to E20.4bn last week.

- RECAP: Italy was the first to come to market on Tuesday with a sale of

the 1.85% Jul-25 BTP, Dec-23 CCTeu, 1.65% Dec-30 BTP and 0.95% Aug-30 BTP for a

combined E7.75bn. Germany then allotted E2.52bn of the 0% Nov-27 Bund on

the same day. On Wednesday Portugal syndicated a new Oct-35 bond for 4bn.

Thursday was the heaviest day for issuance with both France

and Spain holding auctions. Spain sold the 0.0% Jan-25 Bono, 0.80% Jul-27 Obli,

1.25% Oct-30 Obli and the 1.00% Nov-30 ObliEi for E6.75bn. France then tapped

the 0.0% Nov-30 OAT, 1.25% May-34 OAT, 1.75% Jun-39 OAT and the 0.75% May-52 OAT

for E11.75bn.

- CASH FLOWS: There will be E0.3bn in coupon payments and E0.1bn in redemptions

which will leave net cash flows at E32.4bn for the week.