This week will see an estimated...>

EUROZONE ISSUANCE: This week will see an estimated E20.2bln of EGB issuance from

Belgium, Italy, Germany and France, more than double last week`s E10.6bln.

- ISSUANCE: On Monday, Belgium kicks things off with taps of three OLOs for a

combined amount between E2.5-3.0bln: 0.50% Oct-24 OLO, 0.90% Jun-29 OLO, and

1.70% Jun-50 OLO. On Tuesday, Italy sells E2.0-2.5bln of 1.75% Jul-24 BTP,

E2.5-3.0bln of 3.00% Aug-29 BTP, and E0.75-1.0bln of Jan-25 CCTeu. Later

Tuesday, Germany re-opens Mar-21 Schatz for E4bln. France concludes issuance for

the week Thursday, reopening OATs for a combined E7.0-8.0bln: 0.50% May-29 OAT,

1.25% May-34 OAT, and 1.75% Jun-39 OAT.

- OTHER: Cyprus`s favourably received unscheduled issuance last week augurs well

for other periphery EGB issuance in coming weeks (i.e. Greece and Portugal).

- CASH FLOW: E39.6bln in maturing EGBs, composed of Spain (E22.4bln) and Italy

(E17.2bln), and E10.7bln in coupons (Spain and Italy), will leave cash flow at

net negative E30.1bln, versus negative E34.8bln last week.

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

Flow Matrix: https://emedia.marketnews.com/CFM290419.pdf