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Following the recent seasonal.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Following the recent seasonal lull, EGB issuance has picked
up this week with Germany and Italy each going to auction twice, and the EFSF
and Finland (via syndication) going to market as well. E19.4bln in supply is
expected (including syndication), compared to E0.8bln last week.
- RECAP: On Tuesday, Italy tapped Jun-21 CTZ for E2.0bln. Also on Tuesday,
Germany issued a new Sep-21 Schatz, allotting a combined E4.0bln.
- ISSUANCE:  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.
- SYNDICATION: Finland has mandated banks to sell E3bln of new Sep-24 RFGB via
syndication, presumably on Wednesday.
- CASH FLOW: There will be E1.1bln in redemptions this week, which will leave
net cash flow at positive E18.3bln.
** For full details please see MNI Eurozone Debt Auction Calendar

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