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EGB supply this week is from......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EGB supply this week is from Belgium and Italy, plus there
was a 5Y Greek syndication and MNI estimates a total E16.8bln vs E14.82bln last
week -- above the weekly YTD pace of E20.4bln.
RECAP. On Monday Belgium sold E0.995bln Oct-23, E1.12bln Jun-27 and
E0.685bln Jun-47. On Tuesday, Greece sold and exchanged E3bln GGB 5Y via
syndication. On Wednesday, Italy taps its 2Y CTZ May 2019 for E1.5bln-E2bln and
10-year BTPei 1.30% May 2028 for E750mln-E1.25bln. 
ISSUANCE. Italy concludes supply today with E3.5-4.0bln of a new 5-year
benchmark BTP 0.9% Aug-22, E1.75-2.25bln tap of 10Y bmk 2.05% Aug 2027 BTP and
E1.0-1.5bln of CCTeu Oct-24. 
CASH FLOWS. There are E36.4bln of redemptions and E3.2bln of coupons from
France, leaving net supply of -E22.8bln. There are massive coupon and redemption
flows from Ita/Spa next Mon/Tues.
**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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