MNI expects around E23.1bln.......>

EUROZONE ISSUANCE: MNI expects around E23.1bln this week. This is larger than

last week. This week's supply is above the weekly average for 2017 of E19bln per

week.

RECAP: On Tuesday, the Netherlands sells E2-3bln of DSL Jul-27 and there is a

German linker, Bundei 0.1% Apr-46. Austria sold E4bln of a new RAGB 0.5% Sep-22

and E3.5bln of RAGB 2.1% Sep-2111. Wednesday saw E2.5bln of BTP 0.35% Jun-20,

E4.0bln of BTP 1.45% Nov-24 & E1.5bln BTP 2.25% Sep-36, Germany sold E3bln Bund

0% Aug-27 and Portugal sold E0.85bln PGB 4.125% Apr-27. 

ISSUANCE: On Thursday, Ireland sells 1% 2026 and 1.7% 2037.

CASH FLOW: Redemptions rise to a massive E40.3bln spread between Italy, Germany,

Austria and Finland on the 15th. MNI calculates coupons of E3.3bln, so cash

inflows push past the E19.50bln of potential issuance for a negative flow of

E20.4bln.

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

Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance

Profile: http://tinyurl.com/h7trj4x