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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France, Spain, and the Netherlands will issue EGBs
this week with supply estimated at E25.2bn (inc syndications) compared to
E24.5bn last week.
- RECAP: The Netherlands sold E1.99bn of the 0.0% Jul-30 DSL on Tuesday. Germany
then allotted E0.821bn of the 2.5% Jul-44 bund.
- ISSUANCE:  On Thursday Spain will re-open the 0.0% Apr-23 Bono, 0.0% Jan-25
Bono, 1.30% Oct-26 Obli and the 1.85% Jul-35 for a combined E5.5-6.5bn. France
will concluded issuance for the week with a large tap of OATs and linkers. On
offer are the 0.0% Mar-23 OAT, 0.0% Mar-24 OAT, 3.5% Apr-26 OAT and the new 0.0%
Feb-26 OAT for E8-10bn. Linkers include the 0.10% Mar-28 OATi, 0.10% May-29
OATEi and the 0.10% Jul-47 OATEi with a combined target volume of E0.75-1.25bn.
- CASH FLOWS: There will be E44.7bn in redemptions and E3.3bn in coupon payments
which will leave net cash flows at E-22.7bn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cashflow
Matrix: https://emedia.marketnews.com/marketnewsintl/CFM140420nfkm.pdf

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