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EUROZONE ISSUANCE
EUROZONE ISSUANCE: With the addition of multiple large syndications EGB issuance
last week came in higher than expected. Germany, France, Spain and Slovakia are
due to issue bonds this week with supply estimated at E34.9bln compared to
E17.7bln the previous week.
- RECAP: Slovakia was the first to issue this week with an auction of the 0.75%
Apr-30 and 1.625% Jan-31 bonds for E296mln on Monday. On Tuesday Germany
allotted E3.225bln of the the 0.0% Dec-21 Schatz.
- ISSUANCE: Spain will sell the 0.0% Apr-23 Bono, 2.15% Oct-25 Obli and the
2.70% Oct-48 Obli on Thursday for E4.5-5.5bln. France will conclude issuance for
the week with a combination of OATs and linkers. On offer are the 0.0% Feb-23
OAT, 0.00% Mar-25 OAT and the 1.00% May-27 OAT for E7.0-8.5bln, as well as the
0.10% Mar-28 OATi, 0.10% Mar-29 OATEi and 0.10% Jul-47 OATEi for E1.25-1.75bln. 
- CASH FLOWS: Redemptions of E1.1 and coupon payments of E0.24bln will leave net
cash flows for the week at E16.3bln.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: https://emedia.marketnews.com/CFM200120eicn.pdf

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