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Eurozone sovereign bond...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone sovereign bond issuance this week is scheduled from
France, Germany & Spain - estimated to come in at E15.5bln vs E17.25bln sold
last week.
- ISSUANCE: Germany re-opens 10-year benchmark 0.50% Feb 2028 Bund on Wednesday
for up to E3bln. On Thursday, Spain taps 5-year 0.45% Oct 2022 Bono, 10-year
1.40% Apr 2028 SPGB and 15-year 2.35% July 2033 SPGB for between E4bln-E5bln.
France taps 0.00% Feb 2021 OAT, 0.00% Mar 2023 OAT, 1.75% Nov 2024 OAT for
between E6bln-E7bln and linker issues 0.10% Mar 2021 OATei, 0.25% July 2024
OATei, 0.10% Mar 2028 OATi for between E1.25bln-E1.75bln.
- CASH FLOWS: Coupon payments due from Greece E0.1bln, Italy E0.3bln, Austria
E0.3bln, Ireland E0.5bln, Germany E0.5bln, Finland E0.7bln, Portugal E1.2bln;
Redemptions are due from Germany E15bln, Italy E11.9bln, Netherlands E12bln --
equates to net cash flow negative to the tune of E27.3bln.

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