Spain and France both come to.....>

EUROZONE ISSUANCE: Spain and France both come to the Eurozone Sovereign bond

market Thursday. Overall, issuance is expected to be little changed this week at

E15bln vs E14.15bln issued last week.

- ISSUANCE: Spain is up first with launch a new 5-yr 0.35% Jul-23 Bono re-open

an old 15-yr 5.90% Jul-26 Obli and 10-yr benchmark 1.40% Apr-28 Obli for an

indicative size of between E4.0-E5.0bln. France then tap 3-yr 0.0% Feb-21 OAT

and 5-yr 0.0% Mar-23 OAT for a combined amount of between E6.5-E7.5bln. 1-hour

later France then re-open 1.10% Jul-22, 1.85% Jul-27 and 0.10% Jul-47 OAT

linkers for a combined amount of between E1.25-E1.75bln.

- RECAP: On Wednesday Germany re-opened its 10-yr 0.5% Feb-28 Bund for E2bln.

- CASH FLOWS: There is a redemption payment from Italy for E13.6bln and coupon

payments from Germany E540mln, Ireland E417mln and Italy E346mln leaves net cash

flow flat.

** 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: https://tinyurl.com/y7qhuwh2