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EGB issuance is concluded for.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance is concluded for the week, falling to an
estimated E11bln from E21.1bln last week, with Italy and Germany the only two
countries to come to market.
- RECAP: Italy kicked off proceedings for the week on Tuesday, selling E2.5bln
of 0.00% Nov-27 CTZs and E1.0bln of 0.10% May-23 BTPEi. Germany was next on
Wednesday, selling E2.0bln of 0.25% Aug-28 Bunds (E1.683bln allotted). Italy
then returned to market Thursday, selling E2.0bln of 2.45% Oct-23 BTPs, E2.25 of
2.80% Dec-28 BTPs, E0.609bln of Oct-24 CCTeu, and E0.641bln of Sep-25 CCTeu.
- CASH FLOWS: Large cash flows returning to market (E24.56bln redemptions,
E1.89bln coupons) means net cash flow comes in at negative E15.5bln this week.
** For full details, please see MNI Eurozone bond auction calendar;
MNI Eurozone Net Cash Flow Matrix: https://tinyurl.com/MNIcashflowmatrix261118
MNI Eurozone Issuance Profile: https://tinyurl.com/MNIissuance26111

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