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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France, Spain, and Slovakia will issue EGBs this
week. We estimate supply (exc possible syndications) of E26.3bn compared to
E47.2bn last week.
- ISSUANCE: Slovakia will be the first to come to market to sell the 0.0% Jun-24
and 0.125% Jun-27 bonds on Monday. On Wednesday Germany will tap the 0% Aug-30
bund for E5bn. Thursday will be the heaviest day of supply with Spain and France
arriving for a large tap. Spain will auction the 0.0% Apr-23 bono, 0.0% Jan-25
Bono, 5.90% Jul-26 Obli and the 1.25% Oct-30 Obli with target volumes TBA.
France will then conclude issuance for the week with a sale of the 0.0% Feb-23
OAT, 0.0% Mar-25 OAT, 0.0% Feb-26 OAT 0.75% May-28 OAT for E9.5-11.0bn as well
as the new 0.10% Mar-26 OATEi for E1.5-2.5bn.
- CASH FLOWS: There will be E27.7bn in redemptions and E1.2bn in coupon payments
which will leave cash flows at E-2.6b n for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
Matrix. https://emedia.marketnews.com/CFM150620psml.pdf

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