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No Eurozone Sovereign bond........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: No Eurozone Sovereign bond issuance Tuesday, however Italy
continues building its 6-yr BTP Italia book. Overall issuance is expected to be
little changed this week at E15bln vs E14.15bln issued last week.
- ISSUANCE: Issuance kicks off on Wednesday with Germany re-opening 0.5% Feb-28
Bund for up to E2bln. On Thursday Spain launch a new 5-yr 0.35% Jul-23 Bono
re-open an old 15-yr 5.90% Jul-26 Obli and 10-yr benchmark 1.40% Apr-28 Obli for
an indicative size of between E4.0-E5.0bln. Also on Thursday France tap 3-yr
0.0% Feb-21 OAT and 5-yr 0.0% Mar-23 OAT for a combined amount of between
E6.5-E7.5bln. France then tap 1.10% Jul-22, 1.85% Jul-27 and 0.10% Jul-47 OAT
linkers for a combined amount of between E1.25-E1.75bln.
- CASH FLOWS: There is a redemption payment from Italy for E13.6bln and coupon
payments from Germany E540mln, Ireland E417mln and Italy E346mln leaves net cash
flow flat.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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