We estimate Eurozone issuance.....>

EUROZONE ISSUANCE: We estimate Eurozone issuance of EUR16.8bln this week,

compared to EUR14.4bln last week.

- ISSUANCE: Germany will kick off issuance for the week with a tap of the 1.25%

Aug-2048 Bund for E1bln on Wednesday. Spain will tap the market for E3.5-4.5bln

on Thursday through sales of the 0.05% Oct-21 Bono, 0.25% Jul-24 Bono and the

1.95% Jul-30 Obli. France will conclude issuance for the week with taps of

medium-term OATs and linkers for E8.25-10.25bln. On offer are the 0.00% Feb-22

OAT, 2.25% Oct-22 OAT, 0.00% Mar-25 OAT, 0.10% Mar-28 OATi, 0.10% Mar-29 OATei

and the 0.10% Jul-36 OATei.

- SYNDICATION: Greece will sell 7-Yr GGBs this week via syndication (bank

mandate announced Monday), amount TBA but MNI estimates E3bln.

- CASH FLOW: Redemptions will total E17.4bln and coupon payments will come to

E4.6bln, leaving net cash flow negative to the tune of E5.2bln.

- MNI's updated EGB issuance profile and cashflow matrix will be published

Tuesday.