MNI expects around E23.2bln.......>

EUROZONE ISSUANCE: MNI expects around E23.2bln this week. This is larger than

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

week.

ISSUANCE: 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 05 Sep-22

and E3.5bln of RAGB 2.1% Sep-2111. Wednesday sees E2.0-2.5bln of BTP 0.35%

Jun-20, E3.5-4.0bln of BTP 1.45% Nov-24 & BTP 2.25% Sep-36, Germany sells E3bln

Bund 0% Aug-27 and Portugal sells E0.75-1.0bln PGB 4.125% Apr-27. On Thursday,

Ireland sells 1% 2026 and 1.7% 2037.

CASH FLOW: In the week beginning 10 Sept, 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