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There is no Eurozone Government...>

EUROZONE ISSUANCE: There is no Eurozone Government issuance Wednesday, however
France and Spain both come to the market on Thursday.
- ISSUANCE: Still to come this week, on Thursday, Spain re-open Bono 0.35%
Jul-23, Obli 1.40% Jul-28, Obli 2.70% Oct-48 for between E4.0-E5.0bln, and
SPGBei 0.30% Nov-21 for between E250-E750mln. Also on Thursday, France sell a
combined E7.5-E8.5bln of OATs, re-opening 0.75% Nov-28 OAT, 1.50% May-31 OAT,
1.25% May-34 OAT and 1.75% May-66 OAT.
- RECAP: On Tuesday Austria tapped 0.00% Sep-22 RAGB and 0.75% Feb-28 RAGB for
E600mln and E500mln respectively. While Germany tapped E550mln of Bundei 0.50%
Apr-30, and E200mln Bundei 0.10% Apr-46 linkers. 
- CASH FLOWS: We estimate issuance of E13.5bln this week, vs total issuance of
E15.5bln last week. Given a paltry E1.15bln in redemptions and coupons, this
will leave cash flow positive by E12.4bln, versus positive E8.8bln last week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance

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