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Germany, France and Spain will....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France and Spain will issue EGBs this week. We
estimate supply of E14.0bln compared to E19.3bln last week.
- RECAP: Germany kick edoff 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, with a combined
allotment of E0.366bln.
- ISSUANCE: Spain will tap the 0.0% Apr-23 Bono, 1.95% Apr-26 Obli, 0.50% Apr-30
Obli for E4.0-5.0bln and the 0.65% Nov-27 ObliEi for E0.27-0.75bln on Thursday .
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

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