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Eurozone Sovereign bond...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone Sovereign bond issuance ticks lower next week with
Germany, Spain and France scheduled to come to the market totalling E16bln vs
E21.15bln issued this week.
- ISSUANCE: Germany kicks things off on Wednesday with a re-opening of 0.00%
Apr-23 Bobl for up to E3bln. On Thursday Spain re-opens 3-yr 0.05% Jan-21 Bonos,
10-yr 1.40% Apr-28 Obli, 50-yr 3.45% Jul-66 Obli with auction size announced on
Monday but expected to be for up to E4.75bln. France then taps 0.50% May-26 OAT,
0.75% May-28 OAT, 1.25% May-34 OAT and 2.00% May-48 OAT for a combined amount of
between E7.5-E8.5bln.
- CASH FLOWS: Coupon payments are due from Spain E4.767bln and from Italy
E5.33bln. While there is a large Spain redemption of E16.82bln and a small
floater not redemption of E2.5bln from Belgium. Overall this equates to net cash
flow being negative to the tune of E13.4bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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