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Due in large part to holidays,....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Due in large part to holidays, this week will see just E7bln
of issuance, versus E13.4bln last week.
- ISSUANCE: Wednesday sees all of this week`s issuance. Italy sells new Jun-21
CTZ for up to E3.5bln, and re-opens 1.25% Sep-32 BTPei for up to E1.0bln. A
little later Wednesday, Germany sells E3bln in 10-Yr benchmark 0.25% Feb-29
Bund.
- CASH FLOW: This week sees massive redemptions of E31.2bln (E29.3bln of which
is the 4.25% Apr-19 OAT) and coupons of E14.1bln (France = E13.7bln), leaving
cash flow at negative E38.4bln, versus negative E3.1bln last week. Plenty of
cash returning to market in the near future: looking ahead to the week beginning
April 29, there are a further E39.6bln in redemptions and E10.8bln in coupons.
** Due to the long weekend, our full preview and cash flow matrix will be
published on April 23.
** For full details, please see MNI Eurozone bond auction calendar

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