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In the final week of August, we...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: In the final week of August, we expect E14.25bln of issuance.
RECAP: On Monday, Italy sold E2.0bln of the new 2Y CTZ May-19. On Tuesday,
Germany sold E2bln of 2Y debt in a technically uncovered auction.
ISSUANCE: Wednesday will see Italy sell E1.25-1.75bln of CCTeu Oct-24,
E2.5-3.0bln of BTP 0.9% Aug-22 and E2.0-2.5bln of BTP 2.05% Aug-27. Also today
Portugal will undertake an exchange auction, selling OT 2.2% Oct-22 against
Jun-18, Jun-19 and Jun-20 securities.
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
E14.25bln but net supply is minus E6.9bln, 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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