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EGB Supply For W/C Nov 2

EUROZONE ISSUANCE

Germany, France, Spain, Austria and Finland will issue EGBs in the W/C Nov 2. We estimate supply of E21.7bn compared to E13.0bn the previous week.
ISSUANCE: Austria will be the first to come to market with a tap of the 0% Oct-40 RAGB for E0.69bn on Tuesday. Germany will follow with a E0.5bn offering of the 0.50% Apr-30 iBund. The Deutsche Finanzagentur returns for a second time on Wednesday to sell E3bn of the 0% Oct-25 Green Bond. Thursday will see combined issuance from Spain and France. Spain will auction the 1.20% Oct-40 Obli for E1-2bn and the 0.15% Nov-23 BonoEi for E0.25-0.75bn. France will then wrap up for the week with a sale of the 0.50% May-29 OAT, 0% Nov-30 OAT, 1.50% May-50 OAT and the 4.00% Apr-55 OAT for E9.5-11.0bn.
CASH FLOWS: E37.6bn in redemptions and E12.2bn in coupon payments will leave net cash flows at E-28.2bn for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow Matrix

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