Germany, France and Spain will....>

EUROZONE ISSUANCE: Germany, France and Spain will issue EGBs this week. We

estimate supply of E14.0bln compared to E19.3bln last week. 

- ISSUANCE: Germany will kick off issuance for the week with an auction of two

linkers on Tuesday: the 0.50% Apr-30 iBund and the 0.10% Apr-46 iBund for a

combined E0.5bln. Spain will tap the 0.0% Apr-23 Bono, 1.95% Apr-26 Obli, 0.50%

Apr-30 Obli and the 0.65% Nov-27 ObliEi on Thursday with target volumes to be

announced earlier in the week. France will conclude issuance for the week with a

combined sale of the 0.0% Nov-29 OAT, 1.25% May-34 OAT, 1.75% Jun-39 OAT and the

1.75% May-66 OAT for E7.5-9.0bln.

- CASHF FLOWS: There will be E23.6bln in redemptions and E5.1bln in coupon

payments, which will leave net cash flows at E-14.7bln for the week. 

** For further details please see MNI Eurozone Issuance Profile and Cash Flow

Matrix: https://emedia.marketnews.com/marketnewsintl/CFM31012020.pdf