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Germany, France, Spain, Belgium...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France, Spain, Belgium and Slovakia will issue this
week. Total supply is estimated at E16.1bln compared to E19.4bln last week.
- RECAP: Slovakia sold the 1.625% Jan-31 and 2.00% Oct-47 bonds on Monday for a
combined E158.5mn. On the same day Belgium tapped the market for E1.3bln from
sales of the 0.90% Jun-29 OLO and the 1.00% Jun-31 OLO. Germany allotted
E1.17bln of the 0.0% Aug-50 Bund on Wednesday.
- ISSUANCE: Spain will sell the 0.25% Jul-24 Bono, 0.60% Oct-29 Obli and the
3.45% Jul-66 Obli with target volumes to be announced in the week. France will
be the last and largest issuer of the week with E7.0-8.0bln in medium-term OATs
and E1.0-1.5bln in linkers. On offer are the 0.0% Mar-23 OAT, 0.0% Mar-24 OAT,
0.0% Mar-25 OAT, 0.10% Mar-28 OATi, 0.10% Mar-29 OATEi and the 0.10% Jul-47
OATEi.
- CASH FLOWS: There are E0.1bln in redemptions and E0.7bln in coupon payments
that will leave net cash flows at E15.3bln for the week. ** For further details
please see MNI Eurozone Issuance Profile and Cash Flow Matrix:
https://emedia.marketnews.com/CFM181119itcn.pdf

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