There was a E23.1bln this week....>

EUROZONE ISSUANCE: There was a E23.1bln this week. This week's supply was above

the weekly average for 2017 of E19bln per week. Next week MNI sees E17.25bln.

There are E43.6bln of coupon and redemptions today.

RECAP: On Tuesday, the Netherlands sells E2-3bln of DSL Jul-27 and there is a

German linker, Bundei 0.1% Apr-46. Austria sold E4bln of a new RAGB 0.5% Sep-22

and E3.5bln of RAGB 2.1% Sep-2111. Wednesday saw E2.5bln of BTP 0.35% Jun-20,

E4.0bln of BTP 1.45% Nov-24 & E1.5bln BTP 2.25% Sep-36, Germany sold E3bln Bund

0% Aug-27 and Portugal sold E0.85bln PGB 4.125% Apr-27. On Thursday, Ireland

sold E0.55bln 1% 2026 and E0.45bln 1.7% 2037.

CASH FLOW: Redemptions are a massive E40.3bln spread between Italy, Germany,

Austria and Finland on Friday. MNI calculates coupons of E3.3bln, so cash

inflows push past the E19.50bln of potential issuance for a negative flow of

E20.4bln.

**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: http://tinyurl.com/h7trj4x