With Germany, France, Spain,......>

EUROZONE ISSUANCE: With Germany, France, Spain, and Ireland coming to market,

EGB issuance rises this week to an estimated E16.5bln, from E5.5bln last week.

- RECAP: The EFSF syndicated a new 5-Yr benchmark Jan-24 for E4bln Tuesday (not

included in our cash flow calculations). Germany kicked off issuance Wednesday,

re-opening 0.25% Aug-28 Bund for E3.0bln (E2.4bln allotted).

- ISSUANCE:  Thursday sees France re-open four OATs for a combined E8.0-9.0bln:

0.25% Nov-26 OAT, 0.75% Nov-28 OAT, 2.50% May-30 OAT, and 4.50% Apr-41 OAT. Also

Thursday, Spain re-opens 0.05% Oct-21 Bono, 0.35% Jul-23 Bono, 4.20% Jan-37

Obli, and 3.45% Jul-66 Obli, combined amount TBA Monday. In addition, Ireland

re-opens 3.9% Mar-23 IGB and 0.9% May-28 IGB for a combined E0.75bln Thursday.

- CASH FLOWS: With no major redemptions and limited coupons (E60mln) returning

to market, cash flow will be positive by an estimated E16.4bln, compared with

negative E38.3bln last week.

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

Net Cash Flow Matrix: https://tinyurl.com/MNIcashflownov052018 and MNI Eurozone

Issuance Profile: https://tinyurl.com/MNIissuancenov052018