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Germany was the lone issuer in....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany was the lone issuer in Europe in the past week with a
3bln 10Y. In the final week of August, we expect E12bln. 
ISSUANCE: On Monday, Italy is to sell E1.5bln of 2Y CTZ May-19. On Tuesday
Germany also sells a zero coupon 2Y, the new Schatz Sep-19. Wednesday will see
Italian paper being sold. Details are still to be released for this auction but
might be around E5bln of BTPs.
CASH FLOW: The next redemption payment is a E12.4bln Italian CTZ on 30th August.
Sept 1 will also see E8.75bln of Italian coupon payments. Thus, gross supply is
E12bln but net supply is minus E9bln, with all coupons and redemptions from
Italy.
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x

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