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Issuance this week includes six...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Issuance this week includes six auctions and three
syndications, with total proceeds estimated at E19.4bln.
- RECAP: On Tuesday, the Netherlands sold E1.4bln of 0.25% Jul-29 DSL, while
Germany sold E0.4bln of 0.10% Apr-23 Bundei and E0.2bln of 0.50% Apr-30 Bundei.
- ISSUANCE: On Wednesday, Germany sells E4bln of new Aug-29 Bund. Also on
Wednesday, Portugal sells between E1.0-1.25bln combined of 1.95% Jun-29 PGB and
4.1% Feb-45 PGB. Italy sells 3-/7-Yr BTPs on Thursday: E2.5-3.0bln 1.00% Jul-22
BTP and E2.0-2.5bln of 2.10% Jul-26 BTP. Also on Thursday, Ireland sells a
combined E1.0bln of 1.10% May-29 IGB and 1.30% May-33 IGB.
- SYNDICATION: Slovenia tapped 1.19% Mar-29 bond for E0.35bln on Monday. The
EFSF sold E2bln 10-Yr benchmark and a E1bln increase of the 1.75% Jul-53. And
Italy tapped 50-year 2.80% Mar-67 BTP for E3bln via syndication.
- CASH FLOW: Small redemptions (E0.2bln) and coupons (E0.1bln) mean cash flow is
set to come in at positive E19.0bln, vs negative E20.4bln this week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM080719.pdf

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