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Germany, Italy, the Netherlands...>

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.
- RECAP: Netherlands sold E1.33bln of the 0.50% Jul-26 DSL for E1.0-2.0bln on
- ISSUANCE: 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 Wednesday. 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 3- and 7-year BTPS for a combined E4.0-5.0bln on Thursday.
- 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

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