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Following the surge in supply.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Following the surge in supply last week, which included
several new syndications, issuance will be lower this week. Germany, Italy,
Netherlands and the ESM/EFSF will come to market with supply estimated at
E10.4bln compared to E32.1bln last week.
- ISSUANCE: Italy will kick off issuance for the week with auctions of the 0.05%
Jan-23 BTP, 0.85% Jan-27 BTP and the 3.10% Mar-40 BTP on Tuesday for a combined
E5.25-6.75bln. The Netherlands will re-open the 0.50 Jan-40 Green DSL for
E0.75-1.25bln on the same day. Germany will then tap the 0.50% Aug-50 bund for
E1.5bln on Tuesday. The ESM/EFSF is scheduled to issuance at some point during
the week with details to be confirmed.
- CASH FLOWS: There will be E17.4bln in redemptions and E4.1bln in coupon
payments which will leave net cash flows at E-11.1bln.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM130120pqzp.pdf

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