The issuance calendar is busy.....>

EUROZONE ISSUANCE: The issuance calendar is busy this week after a quiet August,

with Austria, Germany, Spain and France all coming to market.

- ISSUANCE: Austria kicks off issuance on Tuesday, re-opening RAGB 0.00% Sep-22

and re-opening RAGB 0.75% Feb-28 for a combined E1.25bln. Shortly after but also

on Tuesday, Germany re-opens E0.50bln of BundEi 0.50% Apr-30 linkers, and

E0.25bln BundEi 0.10% Apr-46 linkers. On Thursday, Spain re-open Bono 0.35%

Jul-23, Obli 1.40% Jul-28, Obli 2.70% Oct-48, and SPGBei 0.30% Nov-21. Issue

sizes will be announced on Monday but MNI estimates E4-5bln. Also on Thursday,

France sell a combined E7.5-8.5bln of OATs, re-opening OAT 0.75% Nov-28, OAT

1.50% May-31, OAT 1.25% May-34, and OAT 1.75% May-66.

- 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 12.4bln, versus positive 8.8bln 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