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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, Austria, Ireland, Cyprus, France and the EFSF
will all issues bonds this week. We now estimate supply (ex upcoming
syndications and BTP Futura) of E13.5bn compared to E33.2bn last week.
- RECAP: On Tuesday, Austria tapped the 0% Feb-30 RAGB and the 0.75% Mar-51 RAGB
for a combined total of E1.38bn. Germany allotted E585mn of the 0.50% Apr-30
BundEi (target E800mn). The EFSF launched a new Oct-25 bond via syndication,
selling E4bln. Cyprus sold 5y and 20y bonds via syndication for E1bn. On
Wednesday, Germany allotted E4.2bn of the 0% Oct-25 Bobl. Also on Wednesday,
France launched a new Mar-36 OATi for E3bn via syndication. On Thursday Ireland
sold a E1.5bn of the 0.2% May-27 and 0.2% Oct-30 bonds.
- ISSUANCE: Italy is selling the new 10y BTP Futura retail bond, order books
stood around EUR5.2bn yesterday.
- CASH FLOWS: There will be E22.0bn in redemptions and E8.4bn in coupon payments
which will leave net cash flows at E-17.0bn 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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