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

EUROZONE ISSUANCE: Spain and France both come to the Eurozone Government

issuance market Thursday.

- ISSUANCE: Spain is up first with re-opening of 0.35% Jul-23 Bono, 1.40% Jul-28

Obli, 2.70% Oct-48 Obli for between E4.0-E5.0bln, and 0.30% Nov-21 SPGBei for

between E250-E750mln. France then sell a combined E7.5-E8.5bln of OATs,

re-opening 0.75% Nov-28 OAT, 1.50% May-31 OAT, 1.25% May-34 OAT and 1.75% May-66

OAT. - RECAP: On Tuesday Austria tapped 0.00% Sep-22 RAGB and 0.75% Feb-28 RAGB

for E600mln and E500mln respectively. While Germany tapped E550mln of Bundei

0.50% Apr-30, and E200mln Bundei 0.10% Apr-46 linkers.

- CASH FLOWS: We estimate issuance of E13.5bln this week, vs total issuance of

E15.5bln last week. Given a paltry E1.15bln in redemptions and coupons, this

will leave cash flow positive by E12.4bln, versus positive E8.8bln last week.

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

Net Cash Flow Matrix: https://tinyurl.com/y9jntvsw and MNI Eurozone Issuance

Profile: https://tinyurl.com/ydc3ygcz