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Germany, Spain and France come....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Spain and France come to EGB markets this week,
selling a combined total of E17.2bln, almost the same as last week`s E17.7bln.
- ISSUANCE: Germany on Wednesday sells new Oct-24 Bobl, targeting E4bln of
issuance. On Thursday, Spain sells three nominal bonds and one linker: between
E3.0-4.0bln of 1.95% Apr-26 Obli, 0.60% Oct-29 Obli, and 2.70% Oct-48 Obli on
the nominal side, and between E0.25-0.75bln of inflation-linked 0.15% Nov-23
BonoEi. Also on Thursday, France sells a combined total of between E8.5-10.0bln
of L-T nominal OATS: 0.50% May-29 OAT, 1.25% May-34 OAT, and 1.50% May-50 OAT.
- CASH FLOW: Auctions this week will be supported by huge redemptions of
E29.4bln (largely 3.50% Bund at E24bln and E5bln of 4.375% RFGB), plus E8.1bln
in coupon payments (Germany E7.3bln, Finland E0.7bln). This will leave net cash
flow at negative E20.3bln.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM010719.pdf

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