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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, Austria, Ireland and the EFSF 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
EFSF will issue a new Oct-25 five-year benchmark with Barclays, Deutsche and
Morgan Stanley as JLMs. 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 will then conclude issuance for the
week on Thursday, auctioning the 0.2% May-27, the 0.2% Oct-30 and the 1.50%
May-50 for a combined E1.0-1.5bn.
- 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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