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The cash flow situation looks.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: The cash flow situation looks bullish this week. Issuance
drops to E17.25bln from E20.2bln sold in the past week and the E19bln average
this year.  
RECAP: Germany started selling E1bln of the Bundei Apr-26 on Tuesday and Finland
sold E1bln of RFGB 0% Apr-22 into modest demand. 
ISSUANCE. On Wednesday, there is a E5-7bln of a DSL 0.75% Jan-24 via a DDA,
Portugal sells E1.0-1.25bln of Oct-22 and Apr-27 and Germany sells E3bln of Obl
0% Oct-22. Finally, Italy is scheduled to sell E3.5-4.0bln of a new 3Y BTP 0.2%
Oct-20, E1.5-2.0bln of BTP 1.45% Nov-24 and E1.0-1.5bln of BTP 3.45% Mar-48. As
always, there is a chance of a syndicated bond on such a quiet issuance week. 
FLOWS: Cash inflows are decent with a E1.25bln redemption from Slovenia on
Monday and E16bln from Germany on Friday. There is just E0.3bln of coupon
payments, mostly from Germany. Net supply is virtually zero. 
**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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