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Germany and Italy are the only....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany and Italy are the only issuers coming to the EGB
market this week.
- ISSUANCE: Italy will kick off issuance this week with a tap of the Mar-20 CTZ
for E1.25-1.75bn on Tuesday. Next up, on Wednesday, Germany will reopen Oct-23
0.0% Bobl and looks to issue E3.0bln. Finally, on Thursday, Italy will sell
medium/long-term BTPs with issue details being announced on Monday though
expected to be 5/10-Yrs. Following the dry spell in August the issuance calendar
is starting to fill up again with multiple issues planned for the week beginning
September 3.
- CASH FLOWS: There are no redemptions this week, but there are E6.7bn in coupon
payments (by Italy). This will leave cash flow positive by around E0.8bln,
compared with flat last week (no issuance, minimal coupons/redemptions).
** For full detail please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/gkrtmav  and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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