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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Italy comes to the Eurozone sovereign bond issuance market
Friday with launch of 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.
Issuance is now expected to total E21.4bln vs E16.3bln issued last week.
- 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.
On Tuesday Italy tapped Mar-20 CTZ for E2.0bln and 1.30% May-28 BTPei and 1.25%
Sep-32 BTPei for E1.75bln. Germany tapped 2-yr Schatz for E4bln and Finland
taped 10-yr 0.50% Sep-27 RFGB for up to E1bln.
- 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 E21.3bln.

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