It will be a busy week for........>

EUROZONE ISSUANCE: It will be a busy week for issuance this week with Germany,

France, Spain and Slovakia coming to market. We estimate total issuance for the

week of E16.2bln vs E14.8bln raised last week.

- ISSUANCE: Slovakia will be the first to issue on Monday with taps of the

0.755% 2030 SGB and the 2.00% 2047 SGB. Germany will follow on Wednesday with a

sale of the 0.0% Aug-50 bund for E1.5bln. Spain will re-open the 0.05% Oct-21

Bono, 0.60% Oct-29 Obli, 5.75% Jul-32 Obli and the 1.85% Jul-35 Obli on

Thursday. The target volumes of the auctions will be announced on Monday

September 16. France will be the biggest issuer of the week with sales of

medium-term OATs and linkers. In the case of the former, France will tap the

1.75% May-23 OAT, 0.00% Mar-25 OAT and the 3.50% Apr-26 OAT for E7.5-9.0bln. In

addition, E1.25-1.75bln will be raised from the following linkers: 0.10% Mar-28

OATi, 0.10% Mar-29 OATEi and the 0.10% Jul-36 OATEi.

- CASH FLOWS: There are E19.3bln in redemptions and E1.6bln in coupon payments

leaving net cash flows at E-4.6bln. ** For full details please see MNI Cash Flow

Matrix and Issuance Profile: https://emedia.marketnews.com/CFM160919rgrrs.pdf