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

EUROZONE ISSUANCE: Germany, France, Spain, and the Netherlands issued EGBs this

week with supply coming to E20.4bn 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. On Thursday Spain re-opened 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 E6.54bn. France concluded issuance for the week with a large tap of

OATs and linkers. E10.0bn was sold of the 0.0% Mar-23 OAT, 0.0% Mar-24 OAT, 3.5%

Apr-26 OAT and the new 0.0% Feb-26 OAT, while E1.087bn was sold of the 0.10%

Mar-28 OATi, 0.10% May-29 OATEi and the 0.10% Jul-47 OATEi.

- CASH FLOWS: There will be E44.7bn in redemptions and E3.3bn in coupon payments

which will leave net cash flows at E-27.6bn for the week.