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

EUROZONE ISSUANCE: Eurozone sovereign bond issuance was E12.5bln over the last
week, this week should be close to E29bln
- ISSUANCE: Belgium is expected to do E3.0-4.5bln of a new 15-20Y Green OLO
early in the week. On Tuesday, Italy sells E2.0-2.5bln of BTP 0.2% Oct-20,
E2.5-3.0bln BTP 1.45% Nov-24 and E1.75-2.25bln 3.45% Mar-48, Portugal sells
E1.0-1.25bln of Oct-22 and Oct-28. On Wednesday, German sells E1.5bln of Bund
2.5% Jul-44. Thursday sees France sell E7.0-8.0bln of OAT 0% Feb-21, OAT 0%
Mar-23 and OAT 6% Oct-25. Also, E1.5-2.0bln of OATi 0.1% Mar-25, OATei 1.85%
Jul-27 and OATei 0.1% Jul-47. The same day, Spain is to sell 5Y 0.45% Oct-22,
10Y 1.4% Apr-28 and 15Y 2.35% Jul-33 for a combined amount of between
E4.0-E5.0bln. There is limited scope for additional syndicated deals.
- CASH FLOWS: There are E1.5bln of coupon payments evenly split between Portugal
and Germany but no redemptions and so gross supply will total approx E28.5bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance

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