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Following the recent seasonal.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Following the recent seasonal lull, EGB issuance will pick up
this week with Germany and Italy each coming to market twice, and the EFSF also
selling. E16.1bln in supply is expected, compared to E0.8bln last week.
- ISSSUANCE: Italy taps the Jun-21 CTZ for E1.75-2.0bln on Tuesday. Germany will
issue a new Sep-21 Schatz for E5bln on Tuesday. Germany returns to market
Wednesday, selling E3.0bln of 0.0% Aug-29 Bund. Also Wednesday, the EFSF sells
0% Nov-22 bonds for E1.0bln. On Thursday, Italy will end the week of issuance
with a sale of BTP/CCTeu: re-opening 5-Yr 1.75% Jul-24 BTP for E1.75-2.25bln;
selling new 10-Yr 1.35% Apr-30 BTP for E3.5-4.0bln, and re-opening Jan-25 CCTeu
for E0.75-1.0bln.
- CASH FLOW: There will be E1.1bln in redemptions this week, which will leave
net cash flow at positive E15.0bln.
** For full details please see MNI Debt Auction Calendar

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