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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: In the final week of August, we expect E17.25bln 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. Wednesday saw
Italy sell E1.75bln of CCTeu Oct-24, E3.0bln of BTP 0.9% Aug-22 and E2.5bln of
BTP 2.05% Aug-27. Portugal undertook an exchange auction, selling OT 2.2% Oct-22
against Jun-18, Jun-19 and Jun-20 securities. Finland sold E3nlb of a new 10Y
via syndication.
ISSUANCE: There is no scheduled issuance remaining this week
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
E17.25bln but net supply is minus E3.9bln, 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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