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EUROZONE ISSUANCE: Issuance this week will total E17.7bln, v E22.6bln last week.
- RECAP: On Monday, Slovakia sold E0.1bln of 1.00% Jun-28 SLOVGB and E0.1bln of
0.75% Apr-30 SLOVGB. Also Monday, Belgium sold E3.2bln of OLOs: E0.8bln of 0.50%
Oct-24 OLO, E1.0bln of 0.90% Jun-29 OLO, E0.5bln of 1.90% Jun-38 OLO, and
E0.9bln of 2.15% Jun-66 OLO. On Wednesday, Germany allotted E0.8bln of 2.50%
- ISSUANCE: On Thursday, Spain re-opens 0.05% Oct-21 Bono, 0.25% Jul-24 Obli,
and 1.85% Jul-35 Obli for a combined E3-4bln. Finally, France on Thursday sells
both nominal and linker OATs. It will sell between E7.5-9.0bln combined of 0.00%
Feb-22 OAT, 0.00% Mar-23 OAT, and 0.00% Mar-25 OAT. Later, it sells between
E0.75-1.25bln of 0.25% Jul-24 OATei, 0.70% Jul-30 OATei, and 0.10% Jul-47 OATei.
- CASH FLOW: This week sees E14.4bln in redemptions (nearly evenly split between
Austria and Ireland), plus E1.9bln in coupons. This will leave net cash flow at
positive E1.5bln, versus positive E1.0bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM17062019.pdf