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Eurozone Sovereign bond...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone Sovereign bond issuance is looking busy again next
week with Belgium, Italy, Germany and Finland scheduled to come to the market
totalling E20bln vs E16.3bln issued this week.
- ISSUANCE: Belgium kicks things off on Tuesday with tap of 0.50% Oct-24 Olo82,
0.80% Jun-28 Olo85, 1.60% Jun-47 Olo78 and 2.25% Jun-57 Olo83 for a combined
total of E2.9-E3.4bln. On Wednesday Italy tap Mar-20 CTZ for E1.5-E2.0bln, 1.30%
May-28 BTPei and 1.25% Sep-32 BTPei each for 1.25-E1.75bln. Germany taps 2-yr
0.0% Mar-20 Schatz for E4bln. Finland then taps 10-yr 0.50% Sep-27 RFGB for max
E1bln. Finally on Friday Italy has a medium/long-term BTP & CCTs auction with
details announced Monday evening but expected to be for up to E7bln.
- CASH FLOWS: Coupon payments are due from France E14.38bln, and smalls from
Italy E226mln. While there is a large French redemption of E27.96bln. Overall
this equates to net cash flow being negative to the tune of E22.7bln.
** 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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