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Futures Pressured In Early Dealing


Stronger But Eyeing Reaction To Weekend News


NZGBS: Stronger, Digesting Weekend News

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Germany, Italy, the Netherlands...>

EUROZONE ISSUANCE: Germany, Italy, the Netherlands and Portugal will issue EGBs
this week with the ESM also tapping the market. Following the ESM and Italy
syndications, we have revised our supply estimate for the week to E22.1bln
- RECAP: The ESM sold E3bln of a new 3-year bond on Monday. On Tuesday, Italy
sold a new 15-year BTP for E9bln through syndication. On the same day the
Netherlands auctioned the 0.50% Jul-26 DSL for E1.33bln. Germany allotted
E3.181bln of the 0.0% Feb-30 Bund on Wednesday. Portugal followed with a
combined sale of the 2.875% Jul-26 PGB and the 2.25% Apr-34 PGB for E1.23bln.
- ISSUANCE: 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 20.2bln for the week.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow
*** Note, the Eurozone Issuance Profile & Cash Flow Matrix includes our initial
supply estimate for the week before the ESM and Italy syndications.

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