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Both France and Spain are.........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Both France and Spain are scheduled to come to the Eurozone
sovereign Bond issuance market on Thursday. Issuance is expected to total
E13.5bln this week.
- ISSUANCE: Spain is up first 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. France then
tap 0.75% Nov-28 OAT, 1.50% May-31 OAT and 1.25% May-34 OAT for a combined
amount of between E7.0-E8.0bln.
- RECAP: On Tuesday Austria tapped 0.75% Feb-28 RAGB and 4.15% Jan-37 RAGB for
E550mln and E630mln respectively.
- 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.

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