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EGB issuance is set to pick up....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance is set to pick up significantly this week as
Austria, Netherlands, Germany, France and Italy kick off their bond issuance for
2019. Issuance is estimated to be E22.4bln Vs E5.1bln last week. 
- RECAP: Austria started issuance on Tuesday when they sold the 0.75% Feb-28
RAGB and 1.50% Feb-47 RAGB for a combined E1.1bln. Later Tuesday Netherlands
allotted E1.55bln of the 1.75% Jul-23 DSL. Last to issue on Tuesday were Germany
when they tapped the 0.50% Apr-30 iBund for E0.5bln. On Wednesday Germany came
to market again, allotting E4.0bln for the new Feb-29 Bund. Thursday saw France
allot E8.24bln selling the 0.75% Nov-28, 1.25% May-34, and 2.00% May-48 OATs.
- ISSUANCE: Issuance is wrapped up for the week on Friday when Italy sell M/L
Term BTPs, size announcement due on Tuesday. 
- CASH FLOW: This week sees E0.0bln worth cash flows returning to market
(E0.0bln in redemptions, E0.0bln in coupons). This leaves a net cash flow of
positive E22.4bln this week, versus negative E23.4bln last week. 
** For full details, please see MNI Eurozone bond auction calendar: 
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM070119.pdf

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