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Next week sees Eurozone...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Next week sees Eurozone issuance total E20.5bln (incl.
possible sydication from Austria) Vs a total of E28.4bln this week. Germany,
Italy, and Austria are all expected to issue. 
- ISSUANCE: Issuance begins on Tuesday with Germany tapping the market for
E5.0bln in 0.00% Dec-20 Schatz. Later Tuesday we expect details of a syndication
from Austria for a new 10yr RAGB, though this is unconfirmed. 
Wednesday sees the turn of Italy who will tap both BTPs and CCTeus. They are
targeting a combined E5.0bln from the 2.45% Oct-23, 2.80% Dec-28, 3,45% Mar-48
BTPs, and a further E3.5bln from the new Apr-26 CCTeu. Issuance is then wrapped
up later Wednesday when Germany come to market for the second time in a week,
offering the 0.25% Feb-29 Bund for E3.0bln.   
- CASH FLOW: Cash returning to market next week totals E53.7bln (E41.2bln in
redemptions, E12.5bln in coupons) leaving total cash flow at -E33.2bln Vs
E28.3bln this week. 
** For full details, please see MNI Eurozone bond auction calendar:
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM280119.pdf

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