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EUROZONE ISSUANCE: EGB issuance...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EUROZONE ISSUANCE: EGB issuance slows next week with a total
of E7.8bln to be
auctioned vs E19.9bln sold this week, with the Netherlands, Germany, and Italy
coming to market.
- ISSUANCE: On Tuesday, the Netherlands re-opens 10-Yr benchmark 0.75% Jul-28
DSL for between E1.50-2.50bln. On Wednesday, Germany re-opens 5-Yr Benchmark
0.00% Oct-23 Bobl for E3.0bln. Finally on Thursday, Italy wraps up EGB issuance
for the week, selling CTZ and BTPEi linkers: issues and size TBA but MNI
estimates around E2.5-3.0bln.
- CASH FLOWS: With E27.8bln in redemptions and E14.7bln in coupons bringing a
total of E42.5bln back to market (largely from France), cash flow will be net
negative by E34.8bln next week, compared with negative E11.2bln this week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/MNIcashflowoct222018 and MNI Eurozone
Issuance Profile: https://tinyurl.com/MNIissuanceoct222018

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