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Germany, Spain, Netherlands and...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Spain, Netherlands and Slovakia will come to market
next week to sell E11.7bln compared to E18.7bln this week.
- ISSSUANCE: Slovakia will be the first to issue next week with taps of 1.625%
Jan-31 SLOVGB and the 2.00% Oct-47 SLOVGB on Monday. The Netherlands will issue
a new 0.50% Jan-40 Green Bond for E4-6bln on Tuesday. Germany will then re-open
the 0.25% Bund Feb-29 bund for E3.0bln. Spain will conclude issuance for the
week with taps of the 0.25% Jul-24 Bono, 1.45% Apr-29 Obli and 1.85% Jul-35 Obli
on Thursday with amounts to be announced on Monday.
- CASH FLOWS: Cash returning to the market this week will be limited to just
E0.37bln in coupons which will leave net cash flows positive to the tune of
E11.3bln.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM200519.pdf

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