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Italy, Germany and Portugal.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Italy, Germany and Portugal come to the Eurozone sovereign
bond issuance market Wednesday. Total issuance is estimated around E11.9bln
compared to E17.4bn last week.
- ISSUANCE: Italy taps the 0.05% Apr-21 BTP for E1.5-E2.0bn, 1.45% May-25 BTP
for E1.75-E2.25bn and the 3.25% Sep-46 BTP and 3.45% Mar-48 BTP for E1.0-E1.5bn.
Germany will re-open the 0.50% Feb-28 Bund for E2.0bn. Finally Portugal target
E0.75-E1.0bln with two issues: the 4.95% Oct-23 PGB and 2.125% Oct-28 PGB.
- RECAP: On Tuesday the Netherlands tapped 0.0% Jan-24 DSL for E2.15bln and
Finland tapped 1.125% Apr-34 RFGB for E986mln
- CASH FLOWS: There are sizeable redemptions from Germany and Portugal at
E14.0bn and E6.6bln, respectively. There is also a E1.2bln Portuguese coupon
payment.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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