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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 E13bln of issuance, compared with a E19.5bln
weekly average this year.
RECAP: On Tuesday, Italy sold E1.5bln of CTZ 0% May-19 & E0.791bln of BTPei 0.1%
May-22 and E0.709bln of BTPei 1.25% Sep-32. The same day, Germany sold a E4bln
of Schatz 0% Sep-19 auction.
ISSUANCE: 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. 
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 E2.8bln
**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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