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This week's issuance should be....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: This week's issuance should be around E18.5bln, down from
E21bln sold last week and E19bln average for this year. Net supply could be
negative for the coming 3 weeks. 
RECAP: On Monday, Slovakia sold E100mln each of 0% Nov-23 and 1.375% Jan-27. 
ISSUANCE: On Tuesday, German sells E4bln of Schatz 0% Sep-19 and on Wednesday it
also sells E1bln of 1.25% Aug-48. On Thursday Spain offers E4-5bln of Jan-21,
Jul-25 Oct-27 and Oct-46. The same day France sells E6-7bln of OATs 0% May-21,
0% Mar-23 and 1.75% Nov-24. A little later that day, France sells E1.25-1.75bln
of OATi 0.1% Mar-25, OATei 1.85% Jul-27 and OATei 3.15% Jul-32.
FLOWS: Cash inflows are decent with redemptions include E13bln of Italian CCTs
and E6.8bln Portuguese bonds on Monday, alongside E6.2bln of Irish debt on
Wednesday - totalling E26bln Additionally, there are E3.3bln of coupons, mostly
from Ireland and Portugal. Net supply is minus E10.9bln. 
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x

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