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After last weeks mammoth..........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: After last weeks mammoth volume, issuance cooled this week
with E13.3bln issued Vs E37.4bln last week. 
Italy, Germany, and Spain are all came to market. 
- RECAP: Issuance for the week began on Tuesday when Italy issued a new 15-yr
Benchmark BTP through syndication for E7.5bln. 
On Wednesday Germany allotted E1.2bln when tapping the 1.25% Aug-48 Bund. 
Weekly issuance was wrapped up on Thursday with Spain coming to market for a
combined E4.6bln selling the 0.05% Oct-21, 0.35% Jul-23, 2.75% Oct-24, and 1.50%
Arp-27 Bono/Oblis. 
- CASH FLOW: This week saw E18.8bln worth cash flows returning to market
(E14.9bln in redemptions, E3.9bln in coupons). This left a net cash flow of
negative E5.5bln this week, versus positive E37.4bln last week. 
** For full details, please see MNI Eurozone bond auction calendar: 
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM140119.pdf

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