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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 E12.5bln, which is not much more than 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. 
- 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 E15.4bln.
Also, the ECB APP will be begin on Tuesday at a 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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