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Issuance drops away in the........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Issuance drops away in the coming week and there is limited
space for surprise drive-bys given that most issuers are well ahead in their
2017 funding plans. MNI sees around E12.75bln of issuance, compared with a
E19.5bln weekly average this year.
ISSUANCE: On Tuesday, Italy sells E1.0-1.5bln of CTZ 0% May-19 & E1.0-1.5bln
combined of BTPei 0.1% may-22 and BTPei 1.25% Sep-32. The same day, Germany has
a E4bln-sized German 2Y auction. On Thursday, Italy sells E1.0-1.5bln CCTeu Oct
24, E2.0-2.5bln BTP 0.9% Aug-22 and E1.5-2.0bln of 2.05% Aug-27, possibly
E6-7bln Aug-22, Aug27 and BTP Mar-48. 
FLOWS: Redemptions are only from Belgium, E6.7bln on 28th and a E0.5bln Belgian
floater on 29th and combined with E2.9bln coupons. Overall, issuance exceeds
cash payments by E2.6bln
**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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