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EUROZONE ISSUANCE: GERMANY, FRANCE, SPAIN AND AUSTRIA WILL SELL EGBs THIS WEEK

EUROZONE ISSUANCE

We estimate supply of E21.7bn (excl any potential syndications) compared to E23.5bn last week.

- RECAP: Austria kicked off issuance for the week with a tap of the 0.0% Jul-24 RAGB and 0.0% Feb-30 RAGB for E1.15bn on Tuesday.

- ISSUANCE: Austria will get the ball rolling with a tap of the 0.0% Jul-24 RAGB and 0.0% Feb-30 RAGB on Tuesday for E1.15bn. Germany will follow on Wednesday with a sale of the 0% Oct-25 Bobl for E5bn. Thursday will be the heaviest day of issuance with Spain and France coming to market. Spain will auction the 0.0% Jul-23 Bono, 0.80% Jul-27 Obli, 1.25% Oct-30 Obli and the 0.65% Nov-27 ObliEi for E3.5-4.5bn. France will the conclude issuance for the week with an auction of the 5.50% Apr-29 OAT, 2.50% May-30 OAT, 1.50% May-31 OAT and the 1.50% May-50 OAT for E7.5-9.0bn.

- CASH FLOWS: There will be no redemptions, but E4.7bn of coupon payments which will leave net cash flows at E16.2bn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow Matrix: https://emedia.marketnews.com/CFM270720ncms.pdf

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