This week sees EGB issuance of....>

EUROZONE ISSUANCE: This week sees EGB issuance of E33.0bln Vs E28.4bln last

week, with Germany, Italy, Belgium, Greece and Austria coming to market.

RECAP: Issuance began on Tuesday with Germany tapping the market for E5.0bln in

0.00% Dec-20 Schatz. Also Tuesday, syndications included Greece selling 5-Yr

benchmark Apr-24 for E2.5bln, Austria selling 10-Yr benchmark Feb-29 for E5bln,

and Belgium selling 30-Yr Jun-50 OLO also for E5bln.

- ISSUANCE: On Wednesday, Italy who will sell both BTPs and CCTeu. They are

targeting E2.25-2.75bln of 2.45% Oct-23 BTP and E2.0-2.5bln of 2.80% Dec-28 BTP,

and a further E2.25-2.75bln of new Jan-25 CCTeu. Issuance is then wrapped up

later Wednesday when Germany come to market for the second time in a week,

offering the 0.25% Feb-29 Bund for E3.0bln.

- CASH FLOW: Cash returning to market this week totals E53.7bln (E41.2bln in

redemptions, E12.5bln in coupons) leaving total cash flow at -E20.7bln Vs

E28.3bln last week.

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

* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM280119.pdf