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Austria kicks off sovereign.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Austria kicks off sovereign bond issuance Tuesday with tap of
0.75% Feb-28 RAGB and 4.15% Jan-37 RAGB for E1.15bln. Issuance is expected to
total E13.5bln this week following announcement from Spain on Monday.
- ISSUANCE: The biggest block of issuance is still to come this week with France
on Thursday, which will tap the 0.75% Nov-28 OAT, 1.50% May-31 OAT and 1.25%
May-34 OAT for a combined E7.0-8.0bln. Spain will finish off the week with four
auctions including the 0.65% Nov-27 linker for between E0.5-E1.0bln, 0.05%
Jan-21 Bono, 1.95% Jul-30 Obli and the 4.70% Jul-41 Obli for an indicative
amount of between E3.5-E4.5bln.
- CASH FLOWS: There will be E21.0bn in redemption payments from Germany and
E8.79bln in coupon payments, of which E8.04bn will be from Germany leaving next
cash flow negative to the tune of E16.3bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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