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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance is set to fall this week to an estimated
E10.5bln 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).
- ISSUANCE Issuance for the week is wrapped up on Thursday with the return of
Italy, which is selling E1.5-2.0bln of 2.45% Oct-23 BTPs, E1.75-2.25bln of 2.80%
Dec-28 BTPs, and a total of between E0.75-1.25bln of Oct-24 and 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 E16.0bln 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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