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EGB issuance is set to fall.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance is set to fall next week to an estimated
E10.10bln from E21.05bln this week, with Italy and Germany the only two
countries to come to market.
- ISSUANCE: Italy kick off proceedings for the week on Tuesday, selling
E2.0bln-E2.5bln of 0.00% Nov-27 CTZs and E0.5bln-E1.0bln of 0.10% May-23 BTPEis.
Germany come next on Wednesday, taping the market for E2.0bln of 0.25% Aug-28
Bunds. 
Issuance for the week is then wrapped up on Thursday by Italy, selling medium to
long term BTPs bonds. Announcement of the specific bonds and amount is Nov 26,
but MNI estimates the auction will be for E4.0bln-E5.5bln. 
- CASH FLOWS: Large cash flow returning to market (E24.56bln in redemptions,
E1.89bln in coupons), cash flow comes in at negative E16.3bln next 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/MNIissuance261118

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