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Germany, France, Spain and........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France, Spain and Austria will kick off issuance for
2020 next week. We estimate supply of E19.3bln.
- ISSSUANCE: Austria will be the first to issue with a tap of the 0.0% Jul-24
RAGB and the 0.50% Feb-29 RAGB for a combined E1.035bln on Tuesday. Germany will
follow with a sale of the 0% Feb-30 Bund for E5bln on Wednesday. On Thursday
Spain will re-open the 0.05% Oct-21 Bono, 0.25% Jul-24 Bono, 0.70% Nov-33 ObliEi
and the 0.85% Jul-35 Obli with target volumes yet to be announced. On the same
day France will conclude issuance for the week with a tap for E8.0-9.5bln
through the combined sale of the 0.0% Nov-29 OAT, 1.25% May-36 OAT and the 1.50%
May-50 OAT. 
- CASHFLOWS: There are E22.0bln in redemptions and E2.3bln in coupon payments
which will leave net cashflows for the week at negative E5.0bln.
** For further details please see MNI Eurozone Cash Flow Matrix:
https://emedia.marketnews.com/marketnewsintl/EGBCFM03012020.pdf

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