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Italy is the lone Eurozone........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Italy is the lone Eurozone sovereign issuer to tap bond
markets in the coming week. Even so, total EMU issuance is set to nearly double
from the previous week, from E5.2bln to an estimated E9.5bln.
- ISSUANCE: The Italian finance ministry on Monday May 28 will re-open
E1.25-1.75bln of 0.00% Mar-20 CTZ, and a combined total of E0.75-1.25bln of
0.10% May-22 BTPei and 1.30% May-28 BTPei. This E2-3bln will be added to on
Wednesday by a sale of medium-to-long term BTPs, totalling around E7bln, MNI
expects (Dipartimento del Tesoro to provide an update later Friday).
- CASH FLOWS: Italy dominates the cash flow outlook for the coming week. The
country is not only the lone issuer, it makes coupon payments of E1.84bln (of a
total E1.86bln), and has a large E18.85bln redemption. The net impact of all
transactions is cash flow negative, by -E11.2bln, though slightly less negative
than the -E19.2bln the previous week.

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