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EGB issuance picked up............>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance picked up considerably this week to E21.1bln
from E12.8bln last week. 
- RECAP: On Monday Belgium sold the 0.50% Oct-24 OLO for E, 0.80% Jun-28 OLO,
3.00% Jun-34 OLO, and 2.25% Jun-57 OLO for a combined E3.38bln. Also Monday
Slovakia allotted the 1.00% Jun-28 SGB and the 3.625% Jan-29 SGB for a combined
E0.15bln. On Tuesday, Finland allotted the 0.00% Sep-23 and 1.375% Apr-47 RFGBs
for a combined E0.975bln. On Wednesday, Germany allotted E2.45bln of the 0.00%
Oct-23 Bobl. On Thursday, Spain allotted a combined E7.33bln of the 0.45% Oct-22
Bono, 1.40% Jul-28 Obli and the 2.35% Jul-33 Obli. Also Thursday, the BTP Italia
auction finished allotting just E2.1bln compared to their target of E7.0-8.0bln.
Later Thursday France sold the 0.00% May-22, 0.00% Mar-23 and 0.00% Mar-24 OATs
for a combined E7.32bln. France then finished off issuance for the week by
selling a combined E0.99bln of the 0.25% Jul-24, 0.10% Mar-28 and 0.70% Jul-30
OATi bonds.
- CASH FLOWS: Minimal cash flow returning to market (E0.0bln in redemptions,
E0.4bln in coupons), cash flow comes in at positive E20.7bln this week.

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