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EGB sales will total E12.0bln.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB sales will total E12.0bln next week, versus E14.7bln in
sales this week. Germany, Portugal, Italy, and Ireland come to market.
- ISSUANCE: On Wednesday, Germany sells E3.0bln in 10-Yr benchmark 0.25% Feb-29
Bund. Also Wednesday, Portugal sells a combined E1.0-1.25bln in PGBs: 1.95%
Jun-29 PGB and 2.25% Apr-34 PGB. On Thursday, Italy sells medium/long-term BTPs.
Details to be announced Monday June 10, but MNI expects between E5.0-7.0bln in
issuance. Also on Thursday, Ireland sells IGBs - again, details TBA Monday, but
MNI estimates E1.5bln in sales.
- CASH FLOWS: There are just E0.4bln in coupons but E21.1bln in redemptions
(Germany 13bln Schatz, Portugal 8.1bln PGB) bringing a total of E21.5bln back to
market. This will leave cash flow negative by E9.6bln, versus E12.9bln positive
this week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM10062019.pdf

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