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

EUROZONE ISSUANCE: Eurozone sovereign bond issuance was E24.9bln over the past
week, next week should be close to E17.6bln although we assume two uncertain
syndicated deals at the long end of the curve to get this number.
- ISSUANCE: Scheduled issuance begins on Monday with two small E80mln taps from
Slovakia in the SLOVGB 1.625% Jan-31 and 2% Oct-47. On Tuesday, Germany sells
E5bln of the new Mar-20 Schatz. Italy is scheduled to sell CTZ Oct-19 and some
BTP linkers on Friday. Syndications could come from a new Belgian 15 or 20Y
green bond, likely around E3-4bln and a Spanish 30Y syndicated deal. However,
Asian clients will be thin on the ground and so there will be no surprise to see
these deals later.
- CASH FLOWS: There is a E17bln German redemption on Friday and E0.3bln of
coupon payments. The net cash need is E0.4bln assuming we are correct on the
syndicated deals. 
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance

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