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

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 should be

negative for the coming 3 weeks. 

RECAP: On Monday, Slovakia sold E100mln each of Nov-23 and Jan-27. Tuesday,

Germany sold E4bln Schatz Sep-19 and E1bln of 1.25% Aug-48 yday. 

ISSUANCE: 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 May-21, Mar-23 and 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