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Germany and Italy will issue......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany and Italy will issue EGBs this week with the ESM/EFSF
also scheduled to tap the market. We estimate supply of E19.3bln for the week
compared to E25.1bln last week.
- ISSUANCE: Italy will issue twice this week. On Tuesday the treasury will
auction the 0% Nov-21 CTZ, 0.40% May-30 BTPEi and the 1.25% Sep-32 BTPEi.
Germany will then come to market on Wednesday to sell the 0% Apr-25 Bobl for
E4bln. Italy returns on Thursday to issue medium-/long-term BTPs with details
yet to be announced.
- There is also market talk that Spain could come to market with a 30y
syndication that could be at least E6bln (this is not included in our
calculations).
- CASH FLOWS: There will be E15.1bln in redemptions and E0.4bln in coupon
payments which will leave net cash flows at E3.7bln for the week. 
** For further information please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM240220ienc.pdf

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