This week sees six countries......>

EUROZONE ISSUANCE: This week sees six countries come to market, selling an

estimated total E18bln in EGBs, versus E12.5bln last week.

- ISSUANCE: Austria on Tuesday re-opens two RAGBs for a total of E1.15bln: 0.00%

Jul-23 RAGB and 0.50% Feb-29 RAGB. Also Tuesday, Germany re-opens 0.50% Apr-30

BundEi linker for E0.75bln. Germany returns Wednesday, re-opening Apr-24 Bobl

for E3.0bln. Also Wednesday, Portugal re-opens two PGBs, for a total

E0.75-1.0bln: 1.95% Jun-29 PGB and 4.10% Apr-37 PGB. Later Wednesday, Finland

re-opens 0.50% Apr-26 RFGB and 1.375% Apr-47 RFGB for a combined E1.0bln. On

Thursday, Spain sells new 0.25% Jul-24 Bono and re-opens 1.85% Jul-35 Obli for

E4-5bln. Later Thursday, Italy sells up to E7.75bln: E2.0-2.5bln of 1.00% Jul-22

BTP, E3.25-3.75bln of 2.10% Jul-26 BTP, and E1.0-1.5bln of 3.35% Mar-35 BTP.

- CASH FLOW: E16bln in a German Bobl redemption this week provides the bulk of

the total E16.2bln in cash returning to market, leaving net cash flow at an

estimated positive E1.8bln, versus positive E10.8bln last week.

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

* Cash Flow Matrix: https://emedia.marketnews.com/CFM080419.pdf