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EGB issuance slows this week......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB issuance slows this week with a total of E8.4bln to be
auctioned vs E19.9bln sold last week, with Italy yet to come to market.
- RECAP: On Tuesday, the Netherlands re-opened 10-Yr benchmark 0.75% Jul-28 DSL
for E1.925bln. On Wednesday, Germany re-opened 5-Yr Benchmark 0.00% Oct-23 Bobl
for E3.0bln. 
- ISSUANCE: On Friday, Italy wraps up EGB issuance for the week, re-opening
BTPEi 1.30% May-28 for between E0.5-1.0bln, and selling new CTZ 0.00% Nov-20 for
between E2.5-3.0bln.
- CASH FLOWS: With E27.8bln in redemptions and E14.7bln in coupons bringing a
total of E42.5bln back to market (largely from France), cash flow will be net
negative by E34.1bln this week, compared with negative E11.2bln last week.
** For full details, please see MNI Eurozone bond auction calendar.

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