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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France Spain and Austria will issue EGBs this week.
We estimate supply of E23.2bn (revised from an initial E24.7bln) compared to
E11.2bln last week.
- ISSUANCE: Austria will come to the market first this week with a tap of the
0.00% Feb-30 RAGB and the 0.75% Mar-51 RAGB for a combined E1.15bn on Tuesday.
On the same day Germany will re-open the 0.50% Apr-30 iBund and the 0.10% Apr-46
iBund for E0.3bn each. The Deutsche Finanzagentur returns on Wednesday to sell
the 0% Apr-25 Bobl for E4bn. Thursday will be the heaviest day of issuance.
Spain will tap the 0.0% Apr-23 Bono, 0.0% Jan-25 Bono, 0.80% Jul-27 Obli , 0.70%
Nov-33 ObliEi and the 1.00% Oct-50 Obli for E5.5-6.5bn. France will then
conclude for the week with sales of the 0.75% May-28 OAT, 0.0% Nov-29 OAT, 0.75%
May-52 OAT and the 4.00% Apr-60 OAT for E9.5-11.5bn.
- CASH FLOWS: There E0.2bn in coupon payments which will leave net cash flow at
E23.0bln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: https://emedia.marketnews.com/marketnewsintl/EGBCFM040520.pdf

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