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Germany, France, Spain, Finland...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, France, Spain, Finland and Slovakia will come to
market this week to issue government bonds. We estimate total supply of E16.0bln
vs E20.3bln last week.
- ISSUANCE: Slovakia will be the first to come to market with a sale of the
1.625% Jan-31 SlovGB and the 0.75% Apr-30 SlovGB for a combined E200mn on
Monday. On Wednesday Germany will tap the 0.0% Aug-54 bund for E1.5bln. Finland
will then follow with a sale of the 0.0% Sep-24 bond for E1.0bln. Spain will tap
the 0.0% Apr-23 Bono, 1.50% Apr-24 Obli, 0.50% Apr-30 Obli and the 2.35% Jul-33
Obli on Thursday with target volumes yet to be announced. France will conclude
issuance for the week with an auction of the 0.0% Mar-23 OAT, 0.0% Mar-25 OAT
and 2.75% Oct-27 OAT for E6.25-7.75bln, in addition to taps of the 0.10% Mar-28
OATi and the 0.70% Jul-30 OATEi for a combined E0.5-1.0bln.
- CASH FLOWS: There will be E2.1bln in coupon payments which will leave net cash
flows at E13.8bln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: https://emedia.marketnews.com/CFM160320kjnf2.pdf

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