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Italy will be last to go to.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Italy will be last to go to market this week. Total weekly
sales of E15.8bln are expected, versus E12.6bln last week.
- RECAP: Italy on Tuesday, sold E3.75bln of re-opened bonds: E2.5bln of Jun-21
CTZ, E0.63bln of 0.10% May-23 BTPei, and E0.62bln of 1.30% May-28 BTPei. Also
Tuesday, Germany allocated E3.9bln of new Jun-21 Schatz. On Wednesday, Germany
followed up by allocating E2.5bln of Apr-24 Bobl.
- ISSUANCE: On Thursday, Italy sells up to E6bln in floaters and nominal BTPs:
E0.50-0.75bln of Jan-25 CCTeu, E2.25-2.75bln of 3.00% Aug-29 BTP, and a combined
E2.0-2.5bln of 1.75% Jul-24 BTP and 2.00% Dec-25 BTP. Also, Portugal plans to
launch an inaugural 3-Yr Panda (CNY-denominated) bond on May 29-30 (est
equivalent of E0.25bln, not included in our weekly cashflow calculations).
- CASH FLOWS: Redemptions of E26.3bln (French OAT and Italy CTZ) and E6.7bln in
coupons (France E6.6bln) will leave net cash flow negative by E17.1bln, vs
positive E12.3bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM270519.pdf

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