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CNY: A Risk-On Currency?


WTI gains $1


German 5s/30s is flattening


Greenback Consolidating, NZD Underperforms


Bubor Rates


Rally Continues (Though Stalling A Little In Europe)

EUROZONE ISSUANCE: Germany and Italy will account for the majority of issuance
this week, with Portugal, the Netherlands and Finland also tapping the market.
Total issuance is estimated around E10.9bn compared to E17.4bn this week.
- ISSUANCE: The Netherlands and Finland are first to auction on Tuesday. The
Netherlands re-opens the 0% Jan-24 DSL for E1.5-2.5bn, while Finland taps the
1.125% Apr-34 RFGB for E1.0bln. The remaining issuance for Europe will take
place on Wednesday. Italy taps the 0.05% Apr-21 BTP for E1.5-E2.0bn, 1.45%
May-25 BTP for E1.75-E2.25bn and the 3.25% Sep-46 BTP and 3.45% Mar-48 BTP for
E1.0-E1.5bn. Germany will re-open the 0.50% Feb-28 Bund for E2.0bn. Portugal
will be targeting E0.75-E1.0bn with two issues: the 4.95% Oct-23 PGB and 2.125%
Oct-28 PGB.
- CASH FLOWS: There are sizeable redemptions for Germany and Portugal at E14.0bn
and E6.6bn, respectively. There is also a E1.2bn Portuguese coupon payment.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance