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Spain and France tap markets......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Spain and France tap markets Thursday, concluding E20.2bln of
total EGB issuance this week.
- RECAP: Slovakia's Ardal kicked off issuance Monday, selling E82mln of 1.875%
Mar-37 SLOVGB, and E85mln of 1.00% Jun-28 SLOVGB. On Tuesday, Germany sold
E4.0bln of re-opened 0.00% Sep-20 Schatz, and Finland re-opened 0.50% Sep-28
RFGB for E1.0bln. On Wednesday, Germany re-opened 2.50% Jul-44 Bund for E1.5bln.
- ISSUANCE: On Thursday, Spain sells 0.35% Jul-23 Bono, 1.40% Jul-28 Obli, 5.75%
Jul-32 Obli, and 2.90% Oct-46 Obli for E4-5bln. Also Thursday, France re-opens
three BTPs for between E7-8bln: 0.00% Feb-21, 0.00% Mar-24, and 1.00% Nov-25;
also re-opening three OATei for a total E1.25-1.75bln: 0.10% Mar-21, 1.85%
Jul-27, and 0.10% Jul-47.
- CASH FLOWS: E28.4bln in redemptions and E2.7bln in coupons will leave cash
flow negative by E10.9bln, vs negative E5.5bln last week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/MNIcashflowoct152018 and MNI Eurozone
Issuance Profile: https://tinyurl.com/MNIissuanceoct152018

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