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CORRECTION, RESEND: Germany,......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: CORRECTION, RESEND: Germany, Italy, the Netherlands and
Portugal will issue EGBs this week with the EFSF/ESM also scheduled to tap the
market. We estimate total supply of E17.2bln compared to E15.9bln last week.
- ISSUANCE: The Netherlands will be the first to auction with a sale of the
0.50% Jul-26 DSL for E1.0-2.0bln on Tuesday. Portugal will then follow with a
E1.0-1.25bln tap of the 2.875% Jul-26 PGB and the 2.25% Apr-34 PGB on Wednesday.
Germany will follow with a sale of 0.0% Feb-30 Bund for E4.0bln. Italy will
conclude issuance for the week with a sale of 3- and 7-year BTPS for a combined
E4.0-5.0bln on Thursday. 
- CASH FLOWS: There will be E1.6bln in redemptions and E0.3bln in coupon
payments which will leave net cash flows at 15.3bln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: https://emedia.marketnews.com/CFM100220pwnq.pdf

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