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GERMANY, ITALY & BELGIUM WILL ISSUE BONDS THIS WEEK

EUROZONE ISSUANCE

We estimate supply of E21.3bn compared to E9.5bn last week.
- RECAP: Belgium was the first to come to market with a sale of the 0.80% Jun-25
OLO and 0.90% Jun-29 OLO for E2.008bn on Monday.
- ISSUANCE: On Tuesday Italy will auction the 0.40% May-30 BTPEi for E0.75
-1.0bn and the May-22 CTZ for E2.75-3.25bn. Germany will follow with a tap of
the 0% Nov-27 bund for E4bn. On Wednesday Germany will return to auction
the 0% May-35 Bund for E3.5bn. Italy will similarly return to the market for a
second time on Thursday to auction M/L-Term BTPs with details TBA.
- CASH FLOWS: E45.0bn in redemptions and E9.8bn of coupon payments will
leave net cash flows at E-33.6bn of the week. For further details please MNI
Eurozone Issuance: https://emedia.marketnews.com/CFM270720x10it.pdf

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