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Over the coming week, MNI.........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Over the coming week, MNI expects E20bln in EGB issuance,
bumped higher by an Irish syndication. E20bln is above the weekly average in
2017.  
ISSUANCE: Ireland has announced an new Oct-22 bond for E3-5bln in the near
future. This is not part of 2017 but pays down IMF/Swed/Den loans. Auction
issuance begins on Wednesday with E3bln of the German Bund 0.5% Aug-27. The
remainder of the week's issuance is on Thursday with Spain selling E3.5-4.5bln
of a new SPGB 0.45% Oct-22 and SPGB 6% Jan-29 and E0.25-0.75bln pf SPGBei 1.8%
Nov-24. Soon after France sells E7.5-8.5bln of OAT 1% Nov-25, a new OAT 0.75%
May-28 and OAT 2% May-48.
FLOWS: Cash inflows are minimal this week with E3.97bln from Spain on Monday and
just E0.2bln of coupon payments. Thus, net supply is E17.0bln. 
**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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