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Germany, Italy, the Netherlands...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, the Netherlands and Portugal will issue EGBs
this week with the EFSF/ESM also scheduled to tap the market. We estimate total
supply of E17.2bln compared to E15.9bln last week.
- ISSUANCE: The Netherlands will be the first to auction with a sale of the
0.50% Jul-26 DSL for E1.0-2.0bln on Monday. Portugal will then follow with a
E1.0-1.25bln tap of the 2.875% Jul-26 PGB and the 2.25% Apr-34 PGB on Tuesday.
Germany will follow with a sale of 0.0% Feb-30 Bund for E4.0bln. Italy will
conclude issuance for the week with a sale of medium/long-term BTPs on Wednesday
with specific issue details yet to be announced.
- CASH FLOWS: There will be E1.6bln in redemptions and E0.3bln in coupon
payments which will leave net cash flows at 15.3bln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
Matrix:https://emedia.marketnews.com/CFM100220pwnq.pdf

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