The first week of 2018 saw........>

EUROZONE ISSUANCE: The first week of 2018 saw E18.2bln EGB supply/150k Bund

contract equivalents, down from the 190k equivalents sold in the first week of

2017. In the coming week, MNI sees E17.9bln of gross issuance but possible 10Y

syndications could come from Portugal, Spain or Belgium.

- ISSUANCE: Next week, Germany gets issuance underway with E0.5bln of Bundei

0.1% 2046 on Monday. On Tuesday, Austria begins its issuance with E1.38bln of

RAGBs 0.5% Apr-27 and 1.5% Apr-47. The same day the Netherlands sells

E1.5-2.5bln DSL 0% Jan-24. The highlight for the week will be E5.0bln of a new

10Y Bund, the Feb-28 on Wednesday. Scheduled issuance concludes with the M/L

term BTP auction on Thursday, MNI expects around E9bln; announcement is Monday.

- CASH FLOWS: There are no redemptions or coupons over the coming week so gross

supply equals net supply. The ECB PSPP began at a lower E30bln monthly pace

alongside reinvestment of redemptions, perhaps around E5bln per week.

**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/ybnzlygd