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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessItaly will be last to go to.......>
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
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.