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Germany, Italy and the............>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy and the Netherlands will issue government
bonds this week. We estimate supply at E14.0bln compared to E49.2bn last week.
- ISSUANCE: The Netherlands will kick off issuance for the week with a sale of
the 2.75% Jan-47 DSL for E0.75-1.25bn on Tuesday. Italy will come to market on
Wednesday to auction medium/long-term BTPs with details TBA. Germany will then
tap the 0% Feb-30 bund for E4bn on Wednesday.
- CASH FLOWS: There will be E68.8bln in redemptions and E22.6bln in coupon
payments which will leave net cash flows at E-77.5xbln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: http://emedia.marketnews.com/CFM270420knsw.pdf

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