There is no Eurozone Government...>

EUROZONE ISSUANCE: There is no Eurozone Government issuance Wednesday, however

France and Spain both come to the market on Thursday.

- ISSUANCE: Still to come this week, on Thursday, Spain re-open Bono 0.35%

Jul-23, Obli 1.40% Jul-28, Obli 2.70% Oct-48 for between E4.0-E5.0bln, and

SPGBei 0.30% Nov-21 for between E250-E750mln. Also on Thursday, France 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