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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone Sovereign bond issuance ticks lower this week with
Germany, Spain and France scheduled to come to the market totalling E16bln vs
E21.15bln issued last 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 and 50-yr 3.45% Jul-66 Obli for a combined size of
between E3.5-E4.5bln and also tap 0.30% Nov-21 Bonoei for between E0.5-E1.0bln.
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 redemption of E2.5bln from Belgium. Overall this equates to net cash
flow being negative to the tune of E13.4bln

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