Germany, Netherlands and..........>

EUROZONE ISSUANCE: Germany, Netherlands and Austria come to the Sovereign bond

market Tuesday. In total Issuance is expected to be little changed this week at

E15.5bln vs E15.99bln issued last week.

- ISSUANCE: Netherlands starts things off with re-opening of 10-yr 0.75% Jul-28

DSL for E1.5-E2.5bln. Germany taps 15-yr 0.50% Apr-30 Bundei for E0.5bln and

30-yr 0.10% Apr-46 Bundei for E0.3bln. Austria then re-opens 10-yr 0.75% Feb-28

RAGB and 30-yr 1.50% Feb-47 RAGB for combined total of E1.15bln. Still to come

this week, on Wednesday Germany re-opens 1.25% Apr-46 Buxl for max E1.5bln.

Portugal then tap 4.95% Oct-23 PGB and 2.125% Oct-28 PGB for combined total of

E1.0-E1.25bln. On Thursday there is a good chance Ireland tap 5-yr and 10-yr IGB

for around E1bln with announcement Tuesday. Rounding things off on Friday Italy

has m/l-term BTP auction with announcement made on Tuesday but expected to be

for up to E8bln.

- CASH FLOWS: Very light cash flows this week, with no redemptions payments

scheduled and only coupon payments worth a total of E243mln that leaves net cash

flow positive to tune of E15.3bln