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Issuance this week includes six...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Issuance this week includes six auctions and one syndication,
estimated at E17.0bln, basically unchanged from last week.
- ISSUANCE: On Tuesday, the Netherlands sells E1.0-2.0bln of 0.25% Jul-29 DSL.
Also on Tuesday, Germany sells E0.5bln of 0.10% Apr-23 Bundei and E0.25bln of
0.50% Apr-30 Bundei. 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 M/L BTP on Thursday, TBA Jul 8. MNI estimates
E6-7bln in sales. Additionally, Ireland on Thursday sells IGBs, details also TBA
Jul 8. MNI estimates E1.0-1.5bln in issuance, likely 10-/30-Yr. 
- SYNDICATION: The EFSF sells bonds next week via syndication (already sent RFPs
to banks), MNI estimates E2-3bln in sales.
- CASH FLOW: Small redemptions (E0.2bln) and coupons (E0.1bln) mean cash flow is
set to come in at positive E16.6bln, 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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