Sales are complete for the........>

EUROZONE ISSUANCE: Sales are complete for the week. Germany, Spain and France

went to EGB markets, selling a combined total of E17.1bln, almost the same as

last week`s E17.7bln.

- RECAP: Germany on Wednesday allotted E3.2bln of new Oct-24 Bobl. On Thursday,

Spain sold E3.5bln in three nominal bonds: E0.5bln of 1.95% Apr-26 Obli, E1.6bln

of 0.60% Oct-29 Obli, and E2.1bln of 2.70% Oct-48 Obli on the nominal side.

Spain also sold E0.4bln of inflation-linked 0.15% Nov-23 BonoEi. Also on

Thursday, France sold a combined E10.0bln of L-T nominal OATS: E5.0bln of 0.50%

May-29 OAT, E2.1bln of 1.25% May-34 OAT, and E3.0bln of 1.50% May-50 OAT.

- CASH FLOW: Huge redemptions of E29.4bln (largely 3.50% Bund at E24bln and

E5bln of 4.375% RFGB), plus E8.1bln in coupon payments (Germany E7.3bln, Finland

E0.7bln) will leave net cash flow at negative E20.4bln.

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

Flow Matrix: https://emedia.marketnews.com/CFM010719.pdf