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Next week's scheduled gross.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Next week's scheduled gross issuance is looking to be very
big. With our assumptions we see E32bln, marking it as the 3rd largest nominal
supply week of the year.
ISSUANCE: Italy starts on Monday with BTP 0.2% Oct-20, BTP 1.45% Nov-24 & BTP
2.45% Sep-33 and also begins selling a BTP Italia, which concludes on Wednesday.
On Tuesday, the Dutch sell E2-3bln DSL 0.75% Jul-27 and Germany E5bln BKO 0%
Dec-19. On Wednesday, Germany follows with DBR 0.5% Aug-27 for E3bln and the BTP
Italia 0.25% Nov-23 should conclude with bids from institutional investors.
Spain sells debt on Thursday and France auctions E4-5bln of OAT Apr-20, OAT
Mar-23, OAT May-25 alongside E1.5-2.0bln of OATei Mar-21, OATei Jul-24 & OATei
Jul-47.
CASH FLOWS: There is 23bln of Italian redemptions on Monday and small coupons.
Net supply is around E8.3bln. 
**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: https://tinyurl.com/ybnzlygd

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