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This week sees six countries......>

EUROZONE ISSUANCE: This week sees six countries come to market, selling an
estimated total E18bln in EGBs, versus E12.5bln last week.
- ISSUANCE: Austria kicks off issuance on Tuesday by re-opening two RAGBs for a
combined E1.15bln: 0.00% Jul-23 RAGB and 0.50% Feb-29 RAGB. Also Tuesday,
Germany re-opens 0.50% Apr-30 BundEi linker for E0.75bln. Germany returns
Wednesday, re-opening Apr-24 Bobl for E3.0bln. Also Wednesday, Portugal re-opens
two PGBs for a combined E0.75-1.0bln: 1.95% Jun-29 PGB and 4.10% Apr-37 PGB.
Later Wednesday, Finland re-opens two RFGBs for a combined E1.0bln: 0.50% Apr-26
RFGB, and 1.375% Apr-47 RFGB. Then on Thursday, Spain sells new 0.25% Jul-24
Bono and re-opens 1.85% Jul-35 Obli, amount TBA (MNI estimates E4-5bln). Later
Thursday, Italy sells M/L BTPs, amount and issues TBA (MNI estimates E6-7bln).
- CASH FLOW: E16bln in a German Bobl redemption this week provides the bulk of
the total E16.2bln in cash returning to market, leaving net cash flow at an
estimated positive E1.8bln, versus positive E10.8bln last week.
** For full details, please see MNI Eurozone bond auction calendar
* Cash Flow Matrix:

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