Germany, Spain and France come....>

EUROZONE ISSUANCE: Germany, Spain and France come to EGB markets this week,

selling a combined total of E17.2bln, almost the same as last week`s E17.7bln.

- ISSUANCE: Germany on Wednesday sells new Oct-24 Bobl, targeting E4bln of

issuance. On Thursday, Spain sells three nominal bonds and one linker: 1.95%

Apr-26 Obli, 0.60% Oct-29 Obli, and 2.70% Oct-48 Obli on the nominal side, and

inflation-linked 0.15% Nov-23 BonoEi. Amount of issuance TBA Monday but MNI

estimates E3-4bln in nominal and E0.5-1bln in linkers. Also on Thursday, France

sells a combined total of between E8.5-10.0bln of L-T nominal OATS: 0.50% May-29

OAT, 1.25% May-34 OAT, and 1.50% May-50 OAT.

- CASH FLOW: Auctions next week will be supported by huge redemptions of

E29.4bln (largely 3.50% Bund at E24bln and E5bln of 4.375% RFGB), plus E8.1bln

in coupon payments (Germany E7.3bln, Finland E0.7bln). This will leave net cash

flow at negative E20.3bln.

** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash

Flow Matrix: https://emedia.marketnews.com/CFM010719.pdf