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There is no Eurozone sovereign....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: There is no Eurozone sovereign Bond issuance Wednesday with
both France and Spain scheduled to come to the market on Thursday. Issuance is
expected to total E13.5bln this week.
- ISSUANCE: The biggest block of issuance is still to come this week with France
& Spain on Thursday. Spain is up first with four auctions including the 0.65%
Nov-27 linker for between E0.5-E1.0bln, 0.05% Jan-21 Bono, 1.95% Jul-30 Obli and
the 4.70% Jul-41 Obli for an indicative amount of between E3.5-E4.5bln. France
then tap 0.75% Nov-28 OAT, 1.50% May-31 OAT and 1.25% May-34 OAT for a combined
amount of between E7.0-8.0bln. 
- RECAP: On Tuesday Austria tapped 0.75% Feb-28 RAGB and 4.15% Jan-37 RAGB for
E550mln and E630mln respectively.
- CASH FLOWS: There will be E21.0bn in redemption payments from Germany and
E8.79bln in coupon payments, of which E8.04bn will be from Germany leaving next
cash flow negative to the tune of E16.3bln.

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