Austria, Germany, Spain and.......>

EUROZONE ISSUANCE: Austria, Germany, Spain and France all came to the market

this week. Supply for the week was E17.5bln compared to E22.2bln last week.

- ISSUANCE: Austria and Germany kicked off issuance for the week on Tuesday.

Austria sold E0.90bln of RAGBs, selling E0.45bln of both the 0.00% Feb-30 RAGB

and the 1.50% Feb-47 RAGB. Germany followed up by selling E365.6mln across two

linkers, the 0.10% Apr-26 iBund and the 0.50% Apr-30 iBund.

- Spain and France rounded off issuance for the week yesterday. Spain sold a

combination of Bonos and Oblis for E4.45bln against a target of E4.0-4.5bln and

linkers for E450mln against a E250-750mln target. The 0.00% Apr-23 Bono, 0.00%

Jan-25 Bono, 0.50% Apr-30 Obli and 0.70% Nov-33 Obli-Ei were sold. France sold

10/15/30-year OATs at the top of their E8.0-9.5bln range. The 0.00% Nov-29 OAT,

1.25% Nov-34 OAT and 0.75% May-52 OAT were sold.

- CASH FLOWS: There were E23.6bln in redemptions and E9.8bln in coupon payments

which left net cash flows at -E11.2bln for the week.

** For further information please see MNI Eurozone Issuance Profile & Cash Flow

Matrix: https://emedia.marketnews.com/CFM010320odnt.pdf