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Peter Chatwell and Antoine........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Peter Chatwell and Antoine Bouvet write "We expect the launch
of EUR KFW Feb23 to take place today and to be up to 5bn in size. We see FV at
MS-28.5bp making its yield positive. We like being long EUR SSA against govies
to position for a tightening of Bund swap spread."

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