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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
E12.4bln compared to E32.1bln last week. 
- RECAP: The EFSF sold E3bln of a new Jan-2050 bond on Monday. The Netherlands
tapped the 0.50 Jan-40 Green DSL for E1.20bln on Tuesday. Italy then followed
with a combined E6.75bln sale of the 0.05% Jan-23 BTP, 0.85% Jan-27 BTP and the
3.10% Mar-40 BTP.
- ISSUANCE: Germany will then tap the 0.50% Aug-50 bund for E1.5bln on
Wednesday. 
- CASH FLOWS: There will be E17.4bln in redemptions and E4.1bln in coupon
payments which will leave net cash flows at E-9.1bln. ** For further details
please see MNI Eurozone Issuance Profile & Cash Flow Matrix:
https://emedia.marketnews.com/CFM130120pqzp.pdf

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