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EUROZONE ISSUANCE: Italy,.........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: EUROZONE ISSUANCE: Italy, Germany and France will come to
market next week of E16.8bln, versus E17.8bln this week.
- ISSUANCE: Italy will kick off issuance for the week on Tuesday with three
BTPs: the 1.00% Jul-22 BTP for E2.25-2.75bln, the 2.10% Jul-26 BTP for
E2.0-2.5bln and the 3.85% Sep-49 BTP for E1.0-1.5bln. Germany comes to market on
Wednesday with a tap of the 1.25% Bund Aug-48 for E1bln. France will issue
nominal bonds and linkers on Thursday. On offer are the 0.00% Feb-22 OAT and the
0.00% Mar-25 OAT for E8.0-9.0bln and the 2.10% Jul-23 OATi, 0.10% Mar-29 OATEi
and the 0.10% Jul-36 OATEi for E1.0-1.5bln.
- CASH FLOW: There will be limited cash returning to market next week (E1.3bln
in redemptions and E2.3bln in coupons) leaving net cash flow for the week at
positive E13.2bln
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM130519.pdf

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