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On Thursday, Italy and Ireland....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: On Thursday, Italy and Ireland round out EGB market sales
this week, which will see total issuance of E14.8bln.
- RECAP: On Tuesday, the Netherlands sold E0.875bln of DSL 4.0% Jan-37 vs target
E0.75bln-E1.25bln, and Spain syndicated E4bln of new 0.7% Nov-33 linker. On
Wednesday, Germany sold 1.25% Aug-48 Buxl for E1.0bln on Wednesday. Also
Wednesday, Portugal sold E950mln vs E0.75-1.00bln target, including E300mln of
4.95% Oct-23 PGB and E650mln of 2.125% Oct-28 PGB.
- ISSUANCE: Italy on Thursday is re-opening 0.05% Apr-21 BTP for E2.0-2.5bln,
selling new 2.50% Nov-25 BTP for E3.25-3.75bln, and re-opening 3.45% Mar-48 BTP
for E1.0-1.5bln. Also on Thursday, Ireland re-opens 0.9% May-28 IGB for E1.0bln.
- CASH FLOWS: We estimate issuance of E14.8bln (updated to include syndicated
Spanish linker), vs E15.2bln last week. E15.2bln in redemptions coupon payments
will leave net cash flows negative at E0.4bln.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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