Germany, France, Spain, Austria...>

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

this with combined issuance of E17.0bln compared to E10.4bln last week.

- RECAP: Austria sold a combined E1.035bln of the 0.00% Jul-24 RAGB and the

0.50% Feb-29 RAGB on Monday. On the same day Germany allotted E0.381bln of the

0.50% Apr-30 iBund. Finland sold the 1.125% Apr-34 and the 1.375 Apr-47 for a

combined E1.045bln on Wednesday.

- ISSUANCE: Spain will re-open the 0.15% Nov-23 linker, 0.25% Jul-24 Bono, 0.60%

Oct-29 Obli and the 1.85% Jul-35 Obli on Thursday. The target volumes will be

announced next week. France will the last and largest issuer of the week with a

target sale of E8.5-10.0bln. On offer are the 0.00% Nov-29 OAT, 1.25% May-34

OAT, 1.50% May-50 OAT and the 1.75% May-66 OAT.

- CASH FLOWS: E0.1bln in coupon payments will leave net cash flows at E16.9bln

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

https://emedia.marketnews.com/CFM041119qpzm.pdf