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EUROZONE ISSUANCE: Germany, France, Italy and Spain will issue EGBs this week.
We estimate supply (excluding redemptions) of E28.25bn compared to E20.4bn last
- RECAP: Italy was the first to come to market on Tuesday with a sale of
the 1.85% Jul-25 BTP, Dec-23 CCTeu, 1.65% Dec-30 BTP and 0.95% Aug-30 BTP for a
combined E7.75bn. Germany  then allotted E2.52bn of the 0% Nov-27 Bund on
the same day. 
- ISSUANCE: Thursday will be the heaviest day for issuance with both France
and Spain holding auctions. Spain will sell the 0.0% Jan-25 Bono, 0.80% Jul-27
Obli, 1.25% Oct-30 Obli and the 1.00% Nov-30 ObliEi for E5.75-7.25bn. France
will tap the 0.0% Nov-30 OAT, 1.25% May-34 OAT, 1.75% Jun-39 OAT and the 0.75%
May-52 OAT for E10.25-11.75bn.
- CASH FLOWS: There will be E0.3bn in coupon payments and E0.1bn in redemptions
which will leave net cash flows at E27.8bn for the week.
** For further details please MNI Eurozone Issuance Profile & Cash Flow Matrix:

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