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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
E10.6bln from E21.1bln last 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-20 CTZs and E0.5bln-E1.0bln of 0.10% May-23 BTPEis.
Germany come next on Wednesday, tapping 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/long term BTPs and CCTEUs. Announcement of the specific bonds and amount
is Nov 26, but MNI estimates the auction will be for E5.0-6.0bln. 
- CASH FLOWS: Large cash flow returning to market (E24.56bln in redemptions,
E1.89bln in coupons) will leave cash flow at negative E15.8bln this week,
compared with positive E20.7bln last 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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