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Germany and Portugal come to......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany and Portugal come to the Sovereign bond market
Tuesday. In total Issuance is expected to fall slightly to E14.2bln this week vs
E15.99bln issued last week.
- ISSUANCE: Germany re-opens 1.25% Apr-46 Buxl for max E1.5bln. Portugal then
tap 4.95% Oct-23 PGB and 2.125% Oct-28 PGB for combined total of E1.0-E1.25bln.
Still to come this week Ireland tap 5-yr 0.0% Oct-22 IGB and 10-yr 0.90% May-28
IGB for E1bln. Rounding things off on Friday Italy tap 3-yr 0.05% Apr-21 BTP for
E2.25-E2.75bln, 7-yr 1.45% May-25 BTP for E2.0-E2.5bln and 15-yr 2.45% Sep-33
BTP for E1.0E1.5bln.
- RECAP: On Tuesday Netherlands re-opened 10-yr 0.75% Jul-28 DSL for E1.79bln.
Austria re-opened 10-yr 0.75% Feb-28 RAGB and 30-yr 1.50% Feb-47 RAGB for
combined amount of E1.15bln. While Germany tapped 15-yr 0.50% Apr-30 Bundei for
E500mln and 30-yr 0.10% Apr-46 Bundei for E250mln
- CASH FLOWS: Very light cash flows this week, with no redemptions payments
scheduled and only coupon payments worth a total of E243mln that leaves net cash
flow positive to tune of E14bln

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