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

EUROZONE ISSUANCE
MNI (London)
EUROZONE ISSUANCE: EGB supply in the coming week is from Germany, Spain and
France -- MNI estimates a total of E17.25bln vs E16.8bln last week vs the weekly
YTD average pace at E20.4bln.
- ISSUANCE: On Tuesday, Germany sells E4bln of the 0% Schatz Jun-19. Germany
follows on Wednesday with E3bln 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. France sells E5.5-6.5bln of OAT
6% Oct-25, OAT1% May-27 and OAT 2% May-48.
- CASH FLOW: There are big peripheral cash flows with E28.8bln of Spanish
coupons & 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 -E33.8bln. 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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