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It will be a busy week for........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: It will be a busy week for issuance this week with Germany,
France, Spain and Slovakia coming to market. We estimate total issuance for the
week of E16.2bln vs E14.8bln raised last week. - RECAP: Slovakia sold E125mn of
the 0.75% Sep-30 SGB and E61.1mn of the 2.00% Oct-47 SGB on Monday.
- ISSUANCE: Germany will sell the 0.0% Aug-50 bund for E1.5bln on Wednesday.
Spain will re-open the 0.05% Oct-21 Bono, 0.60% Oct-29 Obli, 5.75% Jul-32 Obli
and the 1.85% Jul-35 Obli on Thursday for a combined E3.5-4.5bln. France will be
the biggest issuer of the week with sales of medium-term OATs and linkers. In
the case of the former, France will tap the 1.75% May-23 OAT, 0.00% Mar-25 OAT
and the 3.50% Apr-26 OAT for E7.5-9.0bln. In addition, E1.25-1.75bln will be
raised from the following linkers: 0.10% Mar-28 OATi, 0.10% Mar-29 OATEi and the
0.10% Jul-36 OATEi.
- CASH FLOWS: There are E19.3bln in redemptions and E1.6bln in coupon payments
leaving net cash flows at E-4.6bln. ** For full details please see MNI Cash Flow
Matrix and Issuance Profile: https://emedia.marketnews.com/CFM160919rgrrs.pdf

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