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Germany, Italy, Austria,..........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, Austria, Ireland and the ESM will issues
bonds this week. We estimate supply (ex possible syndications) of E11.2bn
compared to E33.2bn last week.
- ISSUANCE: Italy will sell the new BTP Futura this week. This is a Jul-2030
bond with step-up coupons that will be targeted at individual investors. The ESM
is also expected to come to market this week having issued an RFP. Austria will
tap the 0% Feb-30 RAGB and the 0.75% Mar-51 RAGB on Tuesday for a combined
E1.38bn. Germany will then re-open the 0.50% Apr-30 BundEi for E0.8bn on the
same day. Germany will return on Wednesday to sell the 0% Oct-25 Bobl for E5bn.
Ireland is scheduled to hold an auction on Thursday (details to be announced on
Monday), which will conclude issuance for the week.
- CASH FLOWS: There will be E22.0bn in redemptions and E8.4bn in coupon payments
which will leave net cash flows at E-19.3bn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/CFM060720nkfl.pdf

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