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EGB issuance returns this week....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance returns this week but is very light with only
Italy having auctions left in 2018, an estimated E5.7bln is to be sold vs
E0.00bln last week, with Italy coming to the market on two separate occasions. 
- ISSUANCE: Issuance begins after the Christmas break on Thursday Italy when tap
the market for E1.5-2.0bln in 0.00% Nov-20 CTZ bonds. 
Then on Friday Italy wrap up Eurozone 2018 issuance selling Medium/Long-Term
BTPs. The specific bonds and amounts will be announced at 1730GMT on 21/12, MNI
estimates an amount of E4.0-4.5bln. 
- CASH FLOWS: This week sees E13.11bln worth cash flows returning to market
(E13.11bln in redemptions, E0.0bln in coupons). This leaves a net cash flow of
negative E7.4bln this week, versus break even last week.
** For full details, please see MNI Eurozone bond auction calendar:
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM241218.pdf
* Issuance Profile: http://marketnews-m.objects.xtenit.com/IP241218.pdf

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