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Germany and Portugal come to......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany and Portugal come to the Sovereign bond issuance
market Wednesday. Overall issuance is expected to come in at around E15bn.
- ISSUANCE: Germany returns to the market with launch of a new Aug-28 Bund for
E4.0bln. Portugal then tap 2.125% Oct-28 PGB and 2.25% Apr-34 PGB for
E0.75-E1.0bn. Still to come this week, on Thursday Italy re-open 0.05% Apr-21
BTP for E1.5-E2bln, 1.45% May-25 BTP for E1.5-E2bln, 2.45% Sep-33 BTP for
E0.75-E1.25bln and 2.95% Sep-38 BTP for E0.75-E1.25bln. Ireland then tap 10-yr
0.90% May-28 and 2.0% Feb-45 for between E1.0-E1.25bln.
- RECAP: To recap issuance so far this week on Tuesday the Netherlands tapped
0.75% DSL Jul-28 for E2.185bln. While Germany re-opened 0.50% Apr-30 IL Bund and
0.10% Apr-46 IL Bund for a combined E0.8bln.
- CASH FLOWS: There are no redemptions and no significant coupon payments this
week so leaving net cash flow positive to tune of E15bln.
** For full details, 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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