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Eurozone sovereign bond...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone sovereign bond issuance is estimated to fall to
E19.25bln this week compared to E24.26bln last week. 
- RECAP: Germany kicked off issuance on Tuesday with tap of its 2-yr benchmark
BKO 0.00% Dec-19 for up to E5bln, a very poorly bid auction. Spain sold E10bln
of a new 10Y benchmark via syndication, with a E45bln order book.
- ISSUANCE: On Friday Italy re-opens a 2-yr Oct-19 CTZ for E1.5-2.5bln and BTP
linkers 0.1% May-22 and 1.25% Sep-32 for E1.25-1.75bln in total.
- CASH FLOWS: In terms of reinvestment flows, there are no redemption and coupon
payments of only E210mln this week, leaving net cash flow positive to the tune
of E19bln. 
** 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/ybnzlygd

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