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Next week scheduled gross.........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Next week scheduled gross issuance is a very modest E6.4bln,
which is much lower than E18.9bln weekly average in 2017.
ISSUANCE: On Tuesday Austria sells E1.15bln of RAGB 0% Sep-22 and RAGB 0.5%
Apr-27, with Germany selling E0.5bln of the Bund linker 0.5% 2030 at almost the
same time. On Wednesday, Germany follows up with E3.0bln of Obl 0% Oct-22.
Portugal also steps up on Wednesday with E1.0-1.25bln of PGB 4.125% Apr-27. On
Thursday, Ireland finishes off weekly supply with issuance that should be
announced on Monday. There are no obvious syndications.
CASH FLOWS: There is little to sell and almost zero in terms of cash inflows
(E0.3bln of redemptions and coupons). So net supply is E6.1bln. However,
issuance steps up dramatically in the week beginning Nov 12 to E33bln according
to MNI estimates. 
**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

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