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EGB supply in the coming week.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB supply in the coming week is from Germany, Spain and
France and MNI estimates a total of E13.75bln vs E16.8bln last week -- the
weekly YTD average pace is E20.4bln.
ISSUANCE. On Tuesday, Germany sells E4bln of the 0% Schatz Jun-19. Germany
follows on Wednesday with E1bln of Bund 0.5% Aug-27. The mid-week rush continues
on Thursday when Spain sells SPGBei 0.3% Nov-21 and 3 nominals: SPGB 0.4%
Apr-22, SPGB 5.9% Jul-26 and SPGB 4.7% Jul-41.  
CASH FLOWS. There are big peripheral cash flows with E28.8bln of Spanish cpns
and redemptions and a similar E22.5bln from Italy on Monday and Tuesday
respectively. Total cash flows amount to E42.3bln. EGB supply net of cash
inflows is a massive -E37.3bln. Month-end extensions are likely on Monday.
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x

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