Sovereign bond issuance is........>

EUROZONE ISSUANCE: Sovereign bond issuance is expected to be little changed next

week with Germany, Netherlands, Austria, Portugal, Ireland and Italy scheduled

to come to the market totalling E15.5bln vs E15.99bln issued this week.

- ISSUANCE: Netherlands starts things off on Tuesday with re-opening of 10-yr

0.75% Jul-28 DSL for E1.5-E2.5bln. Germany then taps 15-yr 0.50% Apr-30 Bundei

for E0.5bln and 30-yr 0.10% Apr-46 Bundei for E0.3bln. Also on Tuesday Austria

re-opens 10-yr 0.75% Feb-28 RAGB and 30-yr 1.50% Feb-47 RAGB for combined total

of E1.15bln. On Wednesday Germany re-open 1.25% Apr-46 Buxl for max E1.5bln.

Portugal then tap 4.95% Oct-23 and 2.125% Oct-28 PGB for combined total of

E1.0-E1.25bln. On Thursday there is a good chance Ireland tap 5-yr and 10-yr IGB

for around E1bln with announcement Monday. Rounding things off on Friday Italy

has m/l-term BTP auction with announcement made on Tuesday but expected to be

for up to E8bln.

- CASH FLOWS: Very light cash flows next week, with no redemptions payments

scheduled and only coupon payments worth a total of E243mln that leaves net cash

flow positive to tune of E15.3bln.