This week sees Austria,...........>

EUROZONE ISSUANCE: This week sees Austria, Germany, Finland, Spain, and France

sell a total of E14.9bln in bonds at auction, versus E15.8bln last week.

- ISSUANCE: On Tuesday, Austria sells a combined E1.38bln of re-opened RAGBs:

0.50% Feb-29 RAGB and 2.40% May-34 RAGB. Also on Tuesday, Germany sells E0.5bln

of 0.50% Apr-30 BundEi linkers. On Wednesday, Finland comes to market, selling

E1.0bln of 0.50% Sep-29 RFGB. Thursday, Spain sells nominal and linker bonds:

0.05% Oct-21 Bono, 0.25% Jul-24 Bono, and 1.00% Nov-30 BonoEi. We estimate a

total of E2.5-3.5bln in nominal and E0.5-1.0bln in linkers. Also Thursday,

France sells between E7.5-9.0bln of OATs (all re-opens): 2.75% Oct-27 OAT, 0.50%

May-29 OAT, 1.25% May-36 OAT, and 1.50% May-50 OAT.

- CASH FLOWS: With just E0.3bln in redemptions and E1.5bln in coupons (Italy)

due this week, cash flow will come in at positive E13.1bln, versus negative

E17.1bln last week.

** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash

Flow Matrix: https://emedia.marketnews.com/CFM030619.pdf