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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 E23.9bln compared to E30.8bn last week.
- RECAP: Austria sold E1.38bn of the 0.00% Apr-23 RAGB and the 0.00% Feb-30 RAGB
on Tuesday. Germany then allotted E0.36bn of the 0.50% Apr-30 iBund. Germany
returned on Wednesday to auction the 0% Apr-25 Bobl, allotting E3.4bn. On the
same day Italy syndicated a 10-year BTP.
- ISSUANCE: Thursday will be the biggest day for issuance with France and Spain
coming to market. France will re-open the 2.50% May-30 OAT and the 0.75% May-52
OAT as well as issuing the new 0.0% Nov-30 OAT for a combined E9.5-11.0bn. Spain
will then tap the 0.0% Apr-23 Bono, 0.15% Nov-23 BonoEI, 0.0% Jan-25 Bono, 0.50%
Apr-30 Obli and the 1.85% Jul-35 Obli with target volumes yet to be announced.
- CASHFLOWS: E2.1bln of redemptions and E1.5bln of coupon payments will leave
net cashflows at E20.2bln for the week.
** For further details please see MNI Eurozone Issuance Profile & Cashflow
Matrix: https://emedia.marketnews.com/CFM010620nsma.pdf

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