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France & Spain come to the bond...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: France & Spain come to the bond market Thursday. Overall,
issuance this week is estimated to come in around E15.5bln and compares to
E17.25bln sold last week.
- ISSUANCE: Spain taps 5-year 0.45% Oct 2022 Bono, 10-year 1.40% Apr 2028 SPGB
and 15-year 2.35% July 2033 SPGB for between E4.0-E5bln. France taps 0.00% Feb
2021 OAT, 0.00% Mar 2023 OAT, 1.75% Nov 2024 OAT for between E6bln-E7bln and
linker issues 0.10% Mar 2021 OATei, 0.25% July 2024 OATei, 0.10% Mar 2028 OATi
for between E1.25bln-E1.75bln. RECAP: Germany kicked off issuance on Wednesday
with tap of its 10-year benchmark 0.5% 2028 Bund for E3.0bln.
- CASH FLOWS: Coupon payments due from Greece E0.1bln, Italy E0.3bln, Austria
E0.3bln, Ireland E0.5bln, Germany E0.5bln, Finland E0.7bln, Portugal E1.2bln;
Redemptions are due from Germany E15bln, Italy E11.9bln, Netherlands E12bln --
equates to net cash flow negative to the tune of E27.7bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/h7trj4x

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