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Germany, France Spain, Austria....>

EUROZONE ISSUANCE: Germany, France Spain, Austria and Slovakia issued EGBs this
week with total supply of E36.5bn (including Syndications & an Italian 'tap
issuance')compared to E11.2bln last week.
- RECAP: Austria was the first to auction this week with a tap of the
0.00% Feb-30 RAGB and the 0.75% Mar-51 RAGB for a combined E1.15bn on Tuesday.
On the same day Germany allotted a combined E448mn of the 0.50% Apr-30 iBund and
the 0.10% Apr-46 iBund. Germany returned on Wednesday to sell the 0% Apr-25 Bobl
with E3.2bn allotted, as well as placing E7.5bn of the 0% May-35 bond through
syndication. On the same day Slovakia syndicated a 5yr and 12yr issue for E2bn
each. Spain tapped the 0.0% Apr-23 Bono, 0.0% Jan-25 Bono, 0.80% Jul-27 Obli,
0.70% Nov-33 ObliEi and the 1.00% Oct-50 Obli for E7.1bn on Thursday. France
then concluded for the week with sales of the 0.75% May-28 OAT, 0.0% Nov-29 OAT,
0.75% May-52 OAT and the 4.00% Apr-60 OAT for E11.1bn.
- CASH FLOWS: There are E0.2bn in coupon payments which will leave net cash flow
at E35.3bln for the week.

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