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Next week's issuance should be....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Next week's issuance should be around E18.5bln, down from
E21bln sold in the past week and the E19bln average for this year. Net supply
could be negative for the coming 3 weeks. 
ISSUANCE: On Monday, Slovakia issues E100mln each of 0% Nov-23 and 1.375%
Jan-27. On Tuesday, German sells E4bln of Schatz 0% Sep-19 and on Wednesday it
also sells E1bln of 1.25% Aug-48. Thursday has Spain selling debt, likely around
E4-5bln. The same day France sells E6-7bln of OATs 0% May-21, 0% Mar-23 and
1.75% Nov-24. A little later that day, France sells E1.25-1.75bln of OATi 0.1%
Mar-25, OATei 1.85% Jul-27 and OATei 3.15% Jul-32.
FLOWS: Cash inflows are decent with redemptions include E13bln of Italian CCTs
and E6.8bln Portuguese bonds on Monday, alongside E6.2bln of Irish debt on
Wednesday - totalling E26bln Additionally, there are E3.3bln of coupons, mostly
from Ireland and Portugal. Net supply is minus E10.9bln. 
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x

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