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. 

- RECAP: Slovakia sold E125mn of the 0.75% Sep-30 SGB and E61.1mn of the 2.00%

Oct-47 SGB on Monday.

- ISSUANCE: Germany will sell the 0.0% Aug-50 bund for E1.5bln on Wednesday.

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