Next week will see an estimated...>

EUROZONE ISSUANCE: Next week will see an estimated E17.5bln of EGB issuance,

down slightly from E21.7bln last week. Only two issuers are coming to market -

Germany and Italy, but they are each selling on two separate days.

- ISSUANCE: Tuesday sees Italy re-open Nov-20 CTZ for between E1.5-2.0bln, and

re-open 1.30% May-28 BTPei linkers for between 0.5-1.0bln. Also Tuesday, Germany

re-opens Mar-21 Schatz for E4.0bln. On Wednesday, Germany returns to market,

re-opening benchmark 10-Yr 0.25% Feb-29 Bund for E3.0bln. And on Thursday there

is another Italian auction, with medium-/long-term BTPs on offer. Details TBA

but MNI estimates issuance to total around E8.0bln.

- CASH FLOW: With fairly large coupon payments next week of E4.8bln (E4.6bln of

which are from Belgium, E0.1bln from Italy) and E9.2bln of redemptions (almost

all of which is Mar-19 Belgian OLO), net cash flow will come in at an estimated

positive E3.6bln, versus positive E20.9bln this week.

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

* Cash Flow Matrix: https://emedia.marketnews.com/CFM250319.pdf