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

EUROZONE ISSUANCE: Germany, France, Spain and Austria issue EGBs this week, with

Italy syndicating a 10-year BTP. Total supply came to E39.3bn compared to

E38.8bn 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 and sold E14bn. On Thursday France

re-opened 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 E11.0bn. Spain

then tapped 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 for E7.9bn.

- CASHFLOWS: E2.1bln of redemptions and E1.5bln of coupon payments will leave

net cashflows at E35.2bln for the week.

** For further details please see MNI Eurozone Issuance Profile & Cashflow

Matrix: https://emedia.marketnews.com/CFM010620nsma.pdf