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In a holiday shortened first......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: In a holiday shortened first week of the year, supply could
be around E17.25bln, above the E9.4bln that Italy sold by itself in the final
week of trading in 2017. However, syndications are a high probability, with a
Belgian E3-5bln 15Y Green bond likely soon.
- ISSUANCE: On Thursday Spain sells E3-4bln SPGB 0.45% Jan-22, SPGB 1.45%
Oct-27, SPGB 1% Jul-30 and E0.5-1.0bln SPGBei 2.9% Oct-46. Also, on Thursday
France sells E8-9bln of OATs 0.75% May-28, 1.25% May-36 and 2% May-48. Ireland
has announced a 10Y, which we assume will be around 4bln in size.
- CASH FLOWS: There is a E20bln German redemption on 4 Jan and E3.1bln of
additional German coupon payments. Thus net supply is negative at E10.7bln.
Also, the ECB APP began at a lower E30bln monthly pace alongside reinvestment of
redemptions.
**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: https://tinyurl.com/ybnzlygd

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