Germany, France, Italy, Spain.....>

EUROZONE ISSUANCE: Germany, France, Italy, Spain and the Netherlands sold EGBs

this week. Total supply came to E35.8bn.

- RECAP: The Netherlands sold E2.96bn of the 0% Jan-27 DSL on Tuesday. Italy

followed with an auction of the 0.30% Aug-23 BTP, 0.95% Sep-27 BTP and the 3.10%

Mar-40 BTP for a combined E10.0bn. On Wednesday Germany allotted E4.14bn of the

0.0% Aug-30 bund. Spain came to market on Thursday to sell the 0.0% Jan-25 Bono,

0.60% Oct-29 Obli, 1.85% Jul-35 Obli and the 1.00% Oct-50 Obli, raising E6bn.

France concluded issuance for the week with a sale of OATs and linkers. E10.8bn

of the 0.0% Mar-24 OAT, 0.0% Feb-26 OAT, 3.50% Apr-26 OAT and the 2.75% Oct-27

OAT were sold as well as E1bn of the 0.10% Mar-26 OATEi, 0.10% Mar-29 OATEi and

0.10% Jul-47 OATEi for E0.5-1.0bn.

- CASH FLOWS: There will be E35.1bn of redemptions and E4.2bn of coupon payments

which will leave net cash flows at E-3.5bn for the week.

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

Matrix: https://emedia.marketnews.com/marketnewsintl/CFM130720nsbh.pdf