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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone sovereign bond issuance slows dramatically from
E31.6bln last week to just E10.5bln this week. Next week is very thin with only
Italian auctions on the slate so far with CTZ/linker and BTP auctions totalling
perhaps E12bln. 
- RECAP: On Monday Belgium sold E3.58bln of OLO 0.2% Oct-23, OLO 0.8% Jun-28,
OLO 1.45% Jun-37 and OLO 2.15% Jun-66 and Slovakia sold E94mln of SLOVGB 0%
Nov-23 and E83mln of SLOVGB 1.625% Jan-31. On Tuesday Germany sold E4bln of BKO
0% Mar-20. 
- ISSUANCE: Finally, this week Germany also sells E3bln of Bund Feb-28 today.
- CASH FLOWS: There are E2bln of redemptions, E1bln each from Italy (a
CPI-linked structured bond) and Slovenia. Coupon payments add another E0.75bln,
mostly from Ireland. Estimated gross supply exceeds cash inflows by E7.7bln. 
** 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/h7trj4x

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