Next week will see an estimated...>

EUROZONE ISSUANCE: Next week will see an estimated E22.2bln of EGB issuance from

Belgium, Italy, Germany and France, more than double this week`s E10.6bln.

- ISSUANCE: On Monday, Belgium kicks things off with taps of three OLOs for a

combined amount between E2.5-3.0bln: 0.50% Oct-24 OLO, 0.90% Jun-29 OLO, and

1.70% Jun-50 OLO. On Tuesday, Italy sells BTPs, issues and amounts TBA but MNI

estimates E7-9bln. Later Tuesday, Germany re-opens Mar-21 Schatz for E4bln.

France concludes issuance for the week Thursday, reopening OATs for a combined

E7.0-8.0bln: 0.50% May-29 OAT, 1.25% May-34 OAT, and 1.75% Jun-39 OAT.

- OTHER: Cyprus`s favourably received unscheduled issuance this week augurs well

for other periphery EGB issuance in coming weeks (i.e. Greece and Portugal).

- CASH FLOW: It is another redemption-heavy week ahead, with E39.6bln in

maturing EGBs, composed of Spain (E22.4bln) and Italy (E17.2bln). Combined with

E10.7bln in coupons (split evenly between Spain and Italy), this will leave cash

flow at net negative E28.1bln, versus negative E34.8bln this week.

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

Flow Matrix: https://emedia.marketnews.com/CFM290419p.pdf