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Germany, Italy, the Netherlands...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, the Netherlands and France will issue EGBs
this week. We estimate supply of E29.4bln compared to E49.6bn last week.
- ISSUANCE: On Friday, Italy looks to sell a combined E6.25-7.50bln of the 1.85%
Jul-25 BTP, the 0.95% Aug-30 BTP and Dec-23 CCTeu.
RECAP: The Netherlands kicked off issuance on Tuesday selling at the top end of
the E3-5bn range to launch the 0% Jan-27 DSL. Italy followed up by selling
E5.0bln of the 0.40% May-30 BTPEi and new May-22 CTZ, again at the top end of
the E4.0-5.0bn range. Germany concluded Tuesday's issuance, selling E5.0bln of
the new 0% Jun-22 Schatz, allotting E4.1bln. On Wednesday, France saw a record
book of EUR51bln as it launched its new 20-year 0.50% May-40 OAT for EUR7.0bln
via syndication.
CASH FLOWS: There will be E18.6bln in redemptions and E7.8bln in coupon
payments which will leave net cash flows at E3.0bln for the week.
** For further details please see the MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/marketnewsintl/CFM250520pksm.pdf
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