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EGB issuance is set to slow.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance is set to slow slightly this week to E12.2bln
from E16.6bln last week, with Germany, Italy, the Netherlands and Portugal set
to come to market.
- ISSUANCE: On Tuesday, the Netherlands kicks off issuance by re-opening 3.75%
Jan-42 for between E0.5-1.0bln. Also Tuesday, Italy re-opens 2.30% Oct-21 BTP
for between E2.0-2.5bln, re-opens 2.50% Nov-25 BTP for between E1.25-1.75bln,
and re-opens 2.95% Sep-38 BTP for between E0.75-1.25bln. Tuesday also sees
Germany sell new 0.00% Dec-20 Schatz for E4.0bln. Germany then follows up
Wednesday by re-opening 1.25% Aug-48 Buxl for 1.5bln. Also Wednesday, Portugal
re-opens 4.95% Oct-23 PGB and 2.125% Oct-28 PGB for a combined E1.0-1.25bln.
- CASH FLOWS: With minimal cash flow returning to market (E0.3bln in
redemptions, E0.4bln in coupons), cash flow this week will come in at positive
E11.5bln, vs E16.5bln last week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/MNIcashflownov122018 and MNI Eurozone
Issuance Profile: https://tinyurl.com/MNIissuancenov122018

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