Germany, France, Spain and........>

EUROZONE ISSUANCE: Germany, France, Spain and Austria will come to market next

week with issuance estimated at E20.2bln compared to E21.3bln raised last week.

- ISSUANCE: Austria will kick off issuance for the week with taps of the 0.0%

Jul-24 RAGB and 0.50% Feb-29 RAGB on Tuesday for a combined E1.15bln. Germany

will then re-open the 0.0% Oct-24 Bobl for E3bln on Wednesday. Spain will sell

the 0.25% Jul-24 Bono, 0.60% Oct-29 Obli, 3.45% Jul-66 Obli and the 1.00% Nov-30

linker on Thursday. France will be the final issuer of the week with a hefty tap

of E9.0-10.5bln. On offer are the 0.50% May-29 OAT, 1.25% May-34 OAT, 1.75%

Jun-39 OAT and the 1.50% May-50 OAT.

- CASH FLOW: There are a substantial E24.3bln in redemptions and E10.8bln in

coupon payments next week which will leave net cash flow at a negative E15.0bln.

** For further details please see MNI Cash Flow Matrix and Issuance Profile:

https://emedia.marketnews.com/marketnewsintl/CFM_30_08_2019vnwerovb.xlsx.pdf