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

EUROZONE ISSUANCE: Italy is the lone Eurozone sovereign issuer to tap bond
markets this week. Even so, total EMU issuance is set to rise from E5.2bln the
previous week to an estimated E7.5bln.
- ISSUANCE: The Italian finance ministry on Wednesday taps 7-year Sep-25 CCTEu
for E1.25-2.0bln, 5-year 0.95% Mar-23 BTPs for E1.0-1.75bln, and 10-year 2.00%
Feb-28 BTPs for E1.5-2.25bln. The total for Italy sales will be E5.75-9.0bln.
- RECAP: On Monday Italy allotted E1.75bln Mar-20 CTZ, E646.5mln May-22 BTPei
and E603.5mln May-28 BTPei
- 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 -E15.5bln, though slightly less negative
than the -E19.2bln the previous week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance

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