With the addition of multiple.....>

EUROZONE ISSUANCE: With the addition of multiple large syndications EGB issuance

last week came in higher than expected. Germany, France, Spain and Slovakia are

due to issue bonds this week with supply estimated at E34.9bln compared to

E17.7bln the previous week. 

- ISSUANCE: Slovakia will be the first to issue with sales of the 0.75% Apr-30

and 1.625% Jan-31 bonds on Monday. Germany will auction the 0.0% Dec-21 Schatz

for E4bln on Tuesday. Spain will sell the 0.0% Apr-23 Bono, 2.15% Oct-25 Obli

and the 2.70% Oct-48 Obli on Thursday. France will conclude issuance for the

week with a combination of OATs and linkers. On offer are the 0.0% Feb-23 OAT,

0.00% Mar-25 OAT and the 1.00% May-27 OAT for E7.0-8.5bln, as well as the 0.10%

Mar-28 OATi, 0.10% Mar-29 OATEi and 0.10% Jul-47 OATEi for E1.25-1.75bln.

- CASH FLOWS: Redemptions of E1.1 and coupon payments of E0.24bln will leave net

cash flows for the week at E16.3bln. 

** For further details please see MNI Eurozone Issuance Profile and Cash Flow

Matrix: https://emedia.marketnews.com/CFM200120eicn.pdf