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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy and Spain will issue EGBs this week while the
ESM also came to the market. We estimate supply of E22.0bln for the week
compared to E25.1bln last week.
- ISSUANCE: Italy will issue twice this week. Yesterday, the treasury auctioned
the 0% Nov-21 CTZ for E2.25bln, 0.40% May-30 BTPEi for E900mln and the 1.25%
Sep-32 BTPEi for E600mln. These issues were all at the top of the announced
range. Spain launched a new 30-year 1.00% Oct-50 Bono via syndication with
E5.0bln issued. Also on Tuesday, the ESM launched a new 10-year 0.01% Mar-30
bond for E2.0bln.
- Today, Germany will come to market to sell the 0% Apr-25 Bobl for E4bln. Italy
returns on Thursday to issue E6.25-7.50bln with the 0.35% Feb-25 BTP, 0.95% new
Aug-30 BTP and 0.95% Apr-25 CCT all on offer.
- CASH FLOWS: There will be E15.1bln in redemptions and E0.4bln in coupon
payments which will leave net cash flows at E6.5bln 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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