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EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, the Netherlands, Portugal, Austria, Greece
and the EFSF/ESM will come to market this week with total issuance estimated at
E14.8bln compared to E22.8bln last week.
- RECAP: Austria kicked 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 E0.9bln on Tuesday. On the
same day Germany allotted E0.385bln of the 0.50% Apr-30 iBund. The Netherlands
sold E1.075bln of the 2.75% Jan-47 DSL, while Greece sold E1.5bln of Mar-29
bonds in a syndicated deal.
- ISSUANCE: 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. The EFSF/ESM may also issue this 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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