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Germany, Italy and Spain will.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy and Spain 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. Today 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. The ESM also sent an RFP to banks regarding a transaction this week.
- Confirming market talk last week, Spain has announced a mandate for a new 30y
Obli maturing 31 October 2020 with the sale to be via syndication. We estimate
this could be at least E6bln (but as this was only announced this week 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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