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Germany, Italy,the Netherlands....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy,the Netherlands and Portugal will come to
market this week with target issuance of E18.5bln compared to E17.8bln last
week. 
- ISSUANCE: Germany will tap the market twice this week, with the first sale
being the 0.0% Dec-21 Schatz on Tuesday for E5.0bln. The Netherlands will
re-open the 0.25% Jul-29 DSL for E1.0-2.0bln on the same day. Italy will sell
medium-/long-term BTPs on Wednesday with details yet to be announced. Also on
Wednesday Germany will auction the 0.0% Aug-29 bund for E3.0bln and Portugal
will sell the 1.95% Jun-29 PGB for E0.75-1.0bln. 
- CASH FLOWS: There will be E12.4bln in redemptions and E1.2bln in coupon
payments which will leave net cash flows at E4.8bln for the week. ** For further
details please see MNI Eurozone Issuance Profile and Cash Flow Matrix:
https://emedia.marketnews.com/CFM111119owxn.pdf

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