We estimate Eurozone issuance.....>

EUROZONE ISSUANCE: We estimate Eurozone issuance of EUR17.0bln this week,

compared to EUR14.4bln last week.

- RECAP: Germany kicked off issuance for the week on Wednesday by allotting

E0.8bln of the 1.25% Aug-2048 Bund.

- ISSUANCE: 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 sold E2.5bln in 7-Yr GGBs this week via syndication.

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

E4.6bln, leaving net cash flow negative to the tune of E4.9bln.

- **For full details, please see: https://emedia.marketnews.com/CFM160719b.pdf