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Germany, Italy, Netherlands,......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, Netherlands, Portugal and Ireland will come
to the EGB market this week with expected issuance of E10.6bln.
- ISSUANCE: The Netherlands will kick of issuance this week with a E0.75-1.25bln
tap of the Jan-37 4.0% DSL on Tuesday. Germany is next up, re-opening the 1.25%
Aug-48 Buxl for E1.0bln on Wednesday. Portugal will also come to market
Wednesday with a tap of the 4.95% Oct-25 PGB and 2.125% Oct-28 PGB for a
combined E0.75-1.0bln. Italy will issue medium/long-term bonds on Thursday for
an estimated E6-7bln. Ireland will also issue on Thursday for an estimated
E1.25bln, with details due to be released on September 10.
- CASH FLOWS: We estimate issuance of E10.6bln this week, vs total issuance of
E15.2bln last week. There will be E13.0bln in redemptions and E2.2bln in coupon
payments, which will leave net cash flows for the week negative at E4.6bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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