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France & Spain both come to the...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: France & Spain both come to the bond market Thursday.
Overall, sovereign bond issuance this week in the Eurozone is now estimated to
come in around E16bln and compares to E21.15bln sold last week.
- ISSUANCE: 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
taps 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.
- RECAP: Germany kicked off issuance on Wednesday with tap of its 5-year
benchmark 0.0% Apr-23 Bobl for E3.0bln.
- 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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