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Only Italy and Belgium come to....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Only Italy and Belgium come to market next week with target
issuance of a combined E5.3bln, up from E17.7bln last week.
- RECAP: Belgium sold E1.987bln across the the 0.90% Jun-29 OLO and the 1.25%
Apr-23 OLO on Monday.
-ISSUANCE: Italy will tap the market for E3.25-4.5bln on Friday. On offer are
the Jun-21 CTZ, 0.10% May-23 BTPEi and the 1.25% Sep-32 BTPEi. The ECB Governing
Council will meet on Thursday. Even if no new policy innovations are announced,
markets will look for indications that the central bank is teeing up additional
measures for the September meeting. 
- CASH FLOWS: There are E12.9bln in redemptions and E7.6bln in coupon payments
which will leave net cash flow at negative E15.2bln for the week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM220719.pdf.

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