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

EUROZONE ISSUANCE: Spain and France both come to the sovereign bond issuance

market Thursday. Overall issuance is expected to be for up to E17bln this week.

- ISSUANCE: Spain will be up first with taps of 0.35% Jul-23 Bono, 5.90% Jul-26

Obli, 1.40% Jul-28 Obli, and 2.35% Jul-33 Obli for an indicative amount of

E4-E5bln. France then taps two OATS - 0.00% Feb-21 and 0.00% Mar-24 - for a

combined E6.5-7.5bln, and then three linkers: the 0.10% Mar-25 OATi, 0.70%

Jul-30 OATei, and 0.10% Jul-47 OATei, for a combined E1.25-1.75bln.

- RECAP: On Tuesday Germany launched a new 2-yr Jun-20 Schatz for E3bln. Germany

came back to the market on Wednesday and re-opened 1.25% Aug-48 Bund for E1bln.

- CASH FLOWS: There are total redemptions of E15.4bln (largely from The

Netherlands) plus coupons of E5.1bln, for a total of E20.5bln. This leaves net

cash flow negative E3.5bln vs positive E15.6bln this past week. ** For full

details, please see MNI Eurozone bond auction calendar, MNI Eurozone Net Cash

Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance Profile:

https://tinyurl.com/y7qhuwh2