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EUROZONE ISSUANCE: Eurozone sovereign bond issuance is looking like being slow
again next week. This week saw Belgium, Slovakia and German combined to sell
E12.3bln. Next week only Italy is scheduled to issue in a holiday-impacted week.
MNI sees around E13.5bln of issuance.
- ISSUANCE: On Monday, Italy will sell E2.5-3.0bln of a new CTZ 0% Mar-20 and
E2.0-2.5bln BTPei 0.1% May-23 paper. On Wednesday, Italy sells medium and long
term debt. Slovakia has previously said it would sell a new 10Y via syndication
in the Spring for around E3bln, so there is an outside chance of this but
liquidity may be thinning.
- CASH FLOWS: There is an E11.3bln Italian CTZ redemption on Wednesday
(settlement for the CTZ auction) and 10.3bln from Belgium combining to E21.6bln.
Plus, there are E5.3bln of coupon payments, of which E5.1bln is from Belgium.
The net cash flow combines to around -13.4bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance