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Gilt/Bund test that 2019 peak


Extending losses

Italy comes to the Eurozone.......>

EUROZONE ISSUANCE: Italy comes to the Eurozone Government Bond issuance markets
Tuesday with tap of Mar-20 CTZ for E1.5-E2.0bln, 1.30% May-28 BTPei and 1.25%
Sep-32 BTPei each for between 1.25-E1.75bln. Issuance is now expected to total
E21bln vs E16.3bln issued last week.
- ISSUANCE: Still to come, on Wednesday Germany taps 2-yr 0.0% Mat-20 Schatz for
up to E4bln. Finland then taps 10-yr 0.50% Sep-27 RFGB for up to E1bln. Finally
on Friday Italy launch a new 7-yr Sep-25 CCTeu for E3.0-E3.5bln, tap 5-yr 0.95%
Mar-23 BTP for E2.25-E2.75bln and tap 10-yr 2.00% Feb-28 BTP for E2.5-E3.0bln.
- RECAP: Belgium kicked of issuance on Monday tapping 0.50% Oct-24 Olo82, 0.80%
Jun-28 Olo85, 1.60% Jun-47 Olo78 and 2.25% Jun-57 Olo83 for a total of E3.4bln.
- CASH FLOWS: Coupon payments are due from France E14.38bln, and smalls from
Italy E226mln. While there is a large French redemption of E27.96bln. Overall
this equates to net cash flow being negative to the tune of E21.6bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance