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Germany, Portugal, Italy and......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Portugal, Italy and Ireland are yet to come to the
EGB market this week, which will see total issuance of E14.8bln.
- RECAP: On Tuesday, the Netherlands sold E0.875bln of DSL 4.0% Jan-37 vs target
E0.75bln-E1.25bln, and Spain syndicated E4bln of new 0.7% Nov-33 linker. 
- ISSUANCE: Germany is next up, re-opening the 1.25% Aug-48 Buxl for E1.0bln on
Wednesday. Portugal will also come to market Wednesday with a tap of the 4.95%
Oct-23 PGB and 2.125% Oct-28 PGB for a combined E0.75-1.0bln. Italy on Thursday
is re-opening 0.05% Apr-21 BTP for E2.0-2.5bln, selling new 2.50% Nov-25 BTP for
E3.25-3.75bln, and re-opening 3.45% Mar-48 BTP for E1.0-1.5bln. Finally, Ireland
on Thursday re-opens 0.9% May-28 IGB for E1.0bln.
- CASH FLOWS: We estimate issuance of E14.8bln (updated to include syndicated
Spanish linker), vs E15.2bln last week. E15.2bln in redemptions coupon payments
will leave net cash flows negative at E0.4bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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