Next week sees Slovakia,..........>

EUROZONE ISSUANCE: Next week sees Slovakia, Belgium, Germany, Spain, and France

come to EGB markets. They will sell an est. E17.7bln, vs E22.6bln last week.

- ISSUANCE: On Monday, Slovakia sells E0.1bln in each of 1.00% Jun-28 SLOVGB and

0.75% Apr-30 SLOVGB. Also Monday, Belgium sells between E2.7-3.2bln of OLOS:

0.50% Oct-24 OLO, 0.90% Jun-29 OLO, 1.90% Jun-38 OLO, and 2.15% Jun-66 OLO. On

Wednesday, Germany sells E1bln of 2.50% Bund Aug-46. On Thursday, Spain re-opens

three Bono/Obli: 0.05% Oct-21 Bono, 0.25% Jul-24 Obli, and 1.85% Jul-35 Obli.

Amounts TBA Monday but MNI estimates E4bln. Finally, France on Friday sells both

nominal and linker OATs. It will sell between E7.5-9.0bln combined of 0.00%

Feb-22 OAT, 0.00% Mar-23 OAT, and 0.00% Mar-25 OAT. Later, it sells between

E0.75-1.25bln of 0.25% Jul-24 OATei, 0.70% Jul-30 OATei, and 0.10% Jul-47 OATei.

- CASH FLOW: Next week sees E14.4bln in redemptions (nearly evenly split between

Austria and Ireland), plus E1.9bln in coupons. This will leave net cash flow at

positive E1.5bln, versus positive E1.0bln this week.

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

Flow Matrix: https://emedia.marketnews.com/CFM17062019.pdf