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Germany, France and Spain will....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France and Spain will come to market next week to
issue a combined E18.0bln, slightly lower than last week's combined EGB issuance
of E21.9bln.
- ISSUANCE: Germany will be the first to issue with a E4.0bln tap of the 0.0%
Sep-21 Schatz on Tuesday. The Deutsche Finanzagentur returns on Wednesday to
sell the 1.25% Aug-48 Bund for E1.0bln. Spain will come to market on Wednesday
to re-open the 0.05% Oct-21 Bono, 0.25% Jul-24 Bono and the 0.60% Oct-29 Obli
with target volumes yet to be announced. France will be the last and biggest
issuer of the week with a combination of OATs and Linkers. On offer are the 0.0%
Feb-22 OAT, 0.0% Mar-25 OAT, 0.50% Mar-26 OAT, 0.25% Jul-24 OATEi, 0.10% Mar-25
OATEi and the 3.40% Jul-29 OATEi.
- CASHFLOWS: There will be E27.4bln in redemptions and E2.4bln in coupons which
will leave net cash flow at negative E11.8bln for the week.
** For further details please see MNI Cash Flow Matrix and Issuance Profile:
https://emedia.marketnews.com/marketnewsintl/EGB_CashFlow_Matrix_Issuance_Profil
e.pdf

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