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The net cash flow is negative.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: The net cash flow is negative once again at around 25bln.
Scheduled gross issuance is E19.5bln, about double the E10.5bln from this week. 
Issuance: On Monday, Italy begins with E3.0-3.5bln of a new CCTeu Apr-25,
E2.0-2.5bln of BTP 0.9% Aug-22 and E2.0-2.5bln of BTP 2.05% Aug-27. And France
and Spain are due to sell debt on Thursday. France will announce the details at
lunchtime today but should include the May-28 and May-48 and likely a third for
around E7bln. Spain perhaps issues Oct-22 and Oct-27 for around E4bln. Otherwise
the calendar is barren at present.
FLOWS: Cash inflows are big and in the periphery. On Tuesday, there is E16.8bln
from Spain and E15.6bln from Italy on Wednesday and there are 11.9bln of coupon
payments all equating to E44.3bln. 
**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: http://tinyurl.com/h7trj4x

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