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Spain and France were the only....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Spain and France were the only issuers to come to market this
week, selling a combined estimated total of E12.5bln, down from the E17.4bln
total last week.
- RECAP: Both countries conducted auctions on Thursday morning.
- Spain sold two nominal bonds for a total of E3bln: E1.2bln of 0.05% Oct-21
Bono and E1.8bln of 1.45% Apr-29 Obli. Spain also sold 0.65% Nov-27 BonoEi
linker for E0.5bln.
- France sold three nominal OATs for a combined total of E9.0bln: E5.5bln of
0.50% May-29 OAT, E1.6bln of 1.25% May-34 OAT, and E1.9bln of 1.50% May-50 OAT.
- CASH FLOW: With fairly limited redemptions (E1.1bln) and coupons (E0.5bln)
returning to market, net cash flow is an estimated positive E10.8bln this week,
versus positive E3.5bln last week.
** For full details, please see MNI Eurozone bond auction calendar
* Cash Flow Matrix: https://emedia.marketnews.com/CFM010419.pdf

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