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Eurozone government bond..........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone government bond issuance has been completed this
week. Total EMU issuance rose from E5.2bln the previous week to E8.571bln this
week.
- RECAP: On Monday Italy allotted E1.75bln Mar-20 CTZ, E646.5mln May-22 BTPei
and E603.5mln May-28 BTPei. On Wednesday Italy allotted E1.75bln in tap of 0.95%
Mar-23 BTP, E1.821bln in tap of 2.00% Feb-28 BTP and E2.0bln tap of Sep-25
CCTEU.
- CASH FLOWS: Italy dominates the cash flow outlook for the coming week. The
country is not only the lone issuer, it makes coupon payments of E1.84bln (of a
total E1.86bln), and has a large E18.85bln redemption. The net impact of all
transactions is cash flow negative, by-E14bln, though slightly less negative
than the -E19.2bln the previous week.
** 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: https://tinyurl.com/y7qhuwh2

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