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France and Spain come to market...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: France and Spain come to market Thursday, in a week which
will see an estimated total E14.7bln in supply.
- RECAP: Austria kicked off issuance on Tuesday, selling RAGB 0.00% Jul-23 and
the RAGB 0.75% Feb-28 for a combined E1.15bln (incl E150mn retained).
Additionally, on Wednesday, Italy issued E2.131bln of 4.75% Sep-2028 BTP in
exchange for four shorter-dated (2019-21) BTPs.
- ISSUANCE: On Thursday France will tap the 0.75% Nov-28 OAT, the 1.25% May-34
OAT and the 2.00% May-48 OAT for a combined E8.0-9.0bln. Also on Thursday, Spain
will sell new 0.05% Oct-21 Bono, re-open 1.40% Jul-28 Obli, re-open 6.00% Jan-29
Obli - for a total of between E4.0-5.0bln - and re-open 0.15% Nov-23 BonoEi
linker for between E0.25-0.75bln.
- CASH FLOWS: There are just E0.1bln in coupon payments expected the week
beginning 1 October so cash flow returning to market is minimal.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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