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Austria and Germany come to the...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Austria and Germany come to the Eurozone Government issuance
market Tuesday.
- ISSUANCE: Austria kicks off issuance with re-opening of RAGB 0.00% Sep-22 and
RAGB 0.75% Feb-28 for a combined E1.25bln. Shortly after, Germany re-opens
E0.50bln of Bundei 0.50% Apr-30 linkers, and E0.25bln Bundei 0.10% Apr-46
linkers. Still to come this week, on Thursday, Spain re-open Bono 0.35% Jul-23,
Obli 1.40% Jul-28, Obli 2.70% Oct-48 for between E4.0-E5.0bln, and SPGBei 0.30%
Nov-21 for between E250-E750mln. Also on Thursday, France sell a combined
E7.5-E8.5bln of OATs, re-opening 0.75% Nov-28 OAT, 1.50% May-31 OAT, 1.25%
May-34 OAT and 1.75% May-66 OAT.
- CASH FLOWS: We estimate issuance of E13.5bln this week, vs total issuance of
E15.5bln last week. Given a paltry E1.15bln in redemptions and coupons, this
will leave cash flow positive by 12.4bln, versus positive 8.8bln last week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/y9jntvsw and MNI Eurozone Issuance
Profile: https://tinyurl.com/ydc3ygcz

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