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EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, the Netherlands, Portugal, Austria and the
EFSF/ESM will come to market next week with total issuance estimated at E14.8bln
compared to E22.8bln last week.
- ISSUANCE: Austria will kick off issuance for the week with a sale of the 0.50%
Feb-29 RAGB and the 1.50% Feb-47 RAGB for a combined E1.035bln on Tuesday. On
the same day Germany will tap the 0.50% Apr-30 iBund for E0.50bln. The
Netherlands will follow with a sale of the 2.75% Jan-47 DSL for E1.0-2.0bln.
Portugal will sell the 2.25% Apr-34 PGB for E0.75-1.0bln on Wednesday. Italy
will conclude issuance for the week with sales of medium-/long-term BTPs on
Friday with details expected to be announced on Monday 7. The EFSF/ESM may also
issue next week.
- CASH FLOWS: There will be E16.1bln in redemptions and E0.1bln in coupons which
will leave net cash flow at negative E1.4bln.
* For further details please see MNI Cash Flow Matrix and Issuance Profile:
https://emedia.marketnews.com/CFM071019hgvf2.pdf

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