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Free AccessItaly and Germany each come to....>
EUROZONE ISSUANCE: Italy and Germany each come to market on two separate
occasions this week, selling a total of E17.4bln, versus E12.6bln last week.
- ISSUANCE: Italy opens the week of issuance on Tuesday, selling up to E3.75bln
of re-opened bonds: between E2.0-2.5bln of Jun-21 CTZ, and a total of between
E0.75-1.25bln of 0.10% May-23 BTPei and 1.30% May-28 BTPei. Also Tuesday,
Germany sells new Jun-21 Schatz for E5bln. On Wednesday, Germany follows up by
re-opening Apr-24 Bobl for E3bln. Finally on Thursday, Italy sells BTPs, amount
and issues TBA on May 27. MNI estimates E7bln of nominal medium/long-term BTP
issuance. In addition to these auctions, Portugal plans to launch an inaugural
3-Yr Panda (CNY-denominated) bond on May 29-30 (est equivalent of E0.25bln, not
included in our weekly cashflow calculations).
- CASH FLOWS: Redemptions of E26.3bln (French OAT and Italy CCT) and E6.7bln in
coupons (France E6.6bln) will leave net cash flow negative by E15.6bln, vs
positive E12.3bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM270519.pdf
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.