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Austria, Spain and France are.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Austria, Spain and France are all due to come to the market
next week. We estimate supply for the week at E15.3bln 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.
- Today, Spain and France will round off issuance for the week. Spain will sell
a combination of Bonos, Oblis and Obli-Eis for a total of E4.0-5.0bln. The 0.00%
Apr-23 Bono, 0.00% Jan-25 Bono, 0.50% Apr-30 Obli and 0.70% Nov-33 Obli-Ei are
on offer. France look to sell E8.0-9.5bln of 10/15/30-year OATs. The 0.00%
Nov-29 OAT, 1.25% Nov-34 OAT and 0.75% May-52 OAT will be sold.
- CASH FLOWS: There will be E23.6bln in redemptions and E9.8bln in payments
which will leave net cash flows tat -E18.1bln for the week.
** For further information please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM010320odnt.pdf

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