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Following a combined E14.25bln....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Following a combined E14.25bln in issuance last week, we
expect an uptick to E17.4bln this week. Austria, Germany, Spain and France will
go to market at auction this week (and Greece is set for a syndication).
- ISSUANCE: Austria will kick off issuance for the week by re-opening the 0.50%
RAGB Jan-29 and 1.50% RAGB Feb-47 on Tuesday for a combined E1.15bln. Later
Tuesday, Germany sells 0.10% BundEi Apr-26 for E0.75bln. Spain on Thursday sells
0.35% Jul-23 Bono, 1.45% Apr-29 Obli and 2.70% Oct-48 Obli for a combined
E2-3bln, and , 1.00% Nov-30 I/L Obli for between E0.1-1.0bln. France will
conclude issuance for the week later on Thursday with auctions of the new 0.50%
May-29 OAT, 1.25% May-34 OAT and 3.25% May-45 OAT for a combined E8.0-9.0bln.
- Additionally Greece is set to sell a new 10-Yr GGB via syndication, amount
unknown but set to be around E2bln.
- CASH FLOW: No redemptions and just E0.1bln in coupon payments this week will
leave net cash flow at negative E17.3bln, vs negative E28.3bln last week.
** For full details, please see MNIU Eurozone bond auction calendar
* Cash Flow Matrix: https://emedia.marketnews.com/CFM040319.pdf

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