This week sees issuance of........>

EUROZONE ISSUANCE: This week sees issuance of E29.3bln Vs E28.4bln last week,

with Germany, Italy, Belgium, Greece and Austria expected to come to market.

- ISSUANCE: Issuance begins on Tuesday with Germany tapping the market for

E5.0bln in 0.00% Dec-20 Schatz. Wednesday sees the turn of Italy who will tap

both BTPs and CCTeus. They are targeting a combined E5.0bln from the 2.45%

Oct-23, 2.80% Dec-28, 3,45% Mar-48 BTPs, and a further E3.5bln from the new

Apr-26 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. Additionally, syndications as early as Tuesday (details TBA) include

Greece selling 5-Yr benchmark for E2-2.5bln, Austria selling a 10-Yr Benchmark,

and Belgium selling 30-Yr OLO.

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

redemptions, E12.5bln in coupons) leaving total cash flow at -E24.5bln 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