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Gilt/Bund spread breaks above the double top

OUTLOOK

Weekly Claims, Retail Sales, TIC Flows

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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy and the Netherlands issued government bonds
this week with supply coming to E10.6bn compared to E49.2bn last week.
- RECAP: The Netherlands kicked off issuance for the week with a sale of the
2.75% Jan-47 DSL for E1.19bn on Tuesday. Italy sold the 1.60% Jun-26 BTP, 0.95%
Aug-30 BTP and the Oct-24 CCTeu for a combined E6.0bn on Wednesday. On the same
day Germany allotted E3.382bn of the 0% Feb-30 bund.
- CASH FLOWS: There will be E68.8bln in redemptions and E22.6bln in coupon
payments which will leave net cash flows at E-80.8xbln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix: http://emedia.marketnews.com/CFM270420knsw.pdf
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com