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Issuance is complete for the......>

EUROZONE ISSUANCE: Issuance is complete for the week, with total sales of
E15.8bln, versus E12.6bln last week.
- RECAP: Italy on Tuesday sold E3.75bln of re-opened bonds: E2.5bln of Jun-21
CTZ, E0.63bln of 0.10% May-23 BTPei, and E0.62bln of 1.30% May-28 BTPei. Also
Tuesday, Germany allocated E3.9bln of new Jun-21 Schatz. On Wednesday, Germany
followed up by allocating E2.5bln of Apr-24 Bobl. On Thursday, Italy sold E6bln
in floaters and nominal BTPs: E0.75bln of Jan-25 CCTeu, E2.75bln of 3.00% Aug-29
BTP, E1.9bln of 1.75% Jul-24 BTP and E0.6bln of 2.00% Dec-25 BTP. Also, Portugal
sold an inaugural 3-Yr 4.09% Jun-22 Panda (CNY-denominated) bond on Thursday
(equivalent of E0.26bln, not included in our weekly cashflow calculations).
- CASH FLOWS: Redemptions of E26.3bln (French OAT and Italy CTZ) and E6.7bln in
coupons (France E6.6bln) will leave net cash flow negative by E17.1bln, vs
positive E12.3bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix:

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