This week, MNI sees E22bln of.....>

EUROZONE ISSUANCE: This week, MNI sees E22bln of gross issuance and because

there are no cash flows, this is also the net issuance total. The first two

weeks of the year look like producing a combined ~E40bln of nominal supply, down

from E51.7bln in the same fortnight in 2017.

- RECAP: On Tuesday, Germany sold E0.5bln of Bundei 0.1% 2046 and Austria sold

E0.862bln of RAGB 0.5% Apr-27 and 0.517bln of 1.5% Apr-47 and the Netherlands

sells E1.89bln DSL 0% Jan-24. 

- ISSUANCE: The highlight for the week will be E5.0bln of a new 10Y Bund, the

Feb-28 on Wednesday. Portugal is syndicating a long 10Y and Italy a long 20Y

BTP, we expect both to be done on Wednesday. Scheduled issuance concludes with

the E2.5-3.0bln each of BTP 0.2% Oct-20 and BTP 1.45% Nov-24 on Thursday. 

- CASH FLOWS: The ECB PSPP is 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