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The net cash flow is one of the...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: The net cash flow is one of the most negative of the year at
minus E40.3bln. Scheduled gross issuance is E10bln, about half the YTD weekly
average and last week's numbers. 
RECAP: On Monday, Belgium sold E1bln of OLO 0.2% Oct-23, E0.875bln of 4.5%
Mar-26 and E0.92bln of 1.6% Jun-47. 
ISSUANCE: On Wednesday Germany sells E3bln of the Bund 0.5% Aug-27. On Thursday,
Italy auctions E2.5-3.0bln of a new CTZ Oct-19 and E0.75-1.25bln BTPei May-28.
There are such massive cash flows from redemptions and coupons that a syndicated
deal from someone is likely. Most debt agencies are well funded for 2017. 
FLOWS: Cash inflows are massive. France has E34.4bln redeeming on Wednesday and
E14.9bln of coupon payments on the same day. There are around E1bln of other
redemptions. It all adds up to E50.3bln of cash flowing in. 
**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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