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EUROZONE ISSUANCE: Following E28.5bln in issuance last week, issuance stayed
steady this week with an estimated E25.3bln on offer from Germany, France, and
Spain. A syndications from Finland and Italy are also expected.
- RECAP: Germany kicked off issuance on Tuesday, re-opening 0.10% Apr-26 BundEi
and 0.10% Apr-46 BundEi for a combined E0.60bln. Later Tuesday Finland
syndicated the new 10yr RFGB Sep-29 benchmark for E3.0bln. On Wednesday Italy
syndicated their new 30yr BTP for a total of E8.0bln.
On Thursday, France came to market, re-opening 0.75% Nov-28 OAT, 2.50% May-30
OAT, and 1.75% Jun-39 OAT, for a combined amount of 9.0bln. Also Thursday, Spain
re-opened three nominal bonds: 0.05% Oct-21 Bono, 5.90% Jul-26 Bono, and 2.35%
Jul-33 Obli, for a combined amount of E3.73bln. Spain also sold E0.77bln of the
0.20% Nov-30 SPGBEi linker.
- CASH FLOW: Cash returning to market this week totals just E1.5bln, leaving
total cash flow at positive E23.8bln Vs negative E28.9bln last week.
** For full details, please see MNI Eurozone bond auction calendar.
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM040219.pdf