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Germany, Italy, Belgium and the...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, Belgium and the Netherlands will issue EGBs
this week. We estimate supply (excl potential syndications) of E16.5bn (revised
from E14.9bn initially) compared to E26.8bn last week.
- RECAP: Belgium got the ball rolling with a tap of E2.72bn on Monday across the
0.50% Oct-24 OLO, 0.10% Jun-30 OLO and the 2.25% Jun-57 OLO. On Tuesday the
Netherlands sold E1.42bn of the 0.50% Jan-40 DSL. Germany then allotted E4.03bn
of the 0% Jun-22 Schatz. Germany allotted E2.127bn of the 0.0% May-35 Bund on
Wednesday. On the same day Austria syndicated a new 100-year bond.
- ISSUANCE: Italy will conclude issuance for the week with an auction of the
0.65% May-26 BTPEi and the May-22 CTZ for a combined E4.5-5.5bn.
- CASHFLOWS: There will be no redemptions and E3.7bln in coupon payments which
will leave net cash flows at E12.8bnbn for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
Matrix (containing our initial supply estimates for the week):
https://emedia.marketnews.com/CFM220620vghj.pdf

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