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Issuance this week is estimated...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Issuance this week is estimated at a total E17.7bln, versus
E17.9bln last week.
- RECAP: On Tuesday morning, Italy sold E2.25bln of Jun-21 CTZ, and a combined
E1.0bln of 1.30% May-28 BTPei and 2.55% Sep-41 BTPei. Also Tuesday, Germany
allotted E4.0bln of Jun-21 Schatz. 
- SYNDICATION: Austria on Wednesday sold E3.25bln in new 5-Yr benchmark Jul-24
RAGB, and tapped 100-Yr 2.10% Sep-2117, raising E1.25bln.
- ISSUANCE: Italy comes back to market Thursday, selling up to a total E6.0bln
of nominal BTPs and CCTeu floaters. This will include E1.75-2.25bln of 1.75%
Jul-24 BTP, E2.25-2.75bln  of 3.00% Aug-29 BTP, and E0.75-1.00bln of Jan-25
CCTEu.
- CASH FLOW: Minimal redemptions (E0.2bln) and fairly limited coupons (E3.3bln,
largely Belgium at E2.7bln) will leave cash flow positive by E14.1bln, versus
positive E1.7bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM240619.pdf

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