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The Netherlands, Germany,.........>

EUROZONE ISSUANCE: The Netherlands, Germany, Portugal and Italy come to market
this week selling an estimated total E10.9bln, down from E15.1bln last week.
- RECAP: The Netherlands on Tuesday re-opened 2.75% Jan-47 DSL for E0.735bln.
Also on Tuesday, Germany re-opened 0.1% Apr-26 BundEi linker for E0.5bln
(allotting E0.399bln).
- ISSUANCE: Germany on Wednesday re-opens 0.25% Aug-28 Bund for E3.0bln. Also
Wednesday, Portugal re-opens 2.125% Oct-28 PGB for E0.75-1.0bln. Italy completes
the week's issuance Thursday, re-opening 2.30% Oct-21 BTP for between
E3.0-3.5bln, re-opening 2.50% Nov-25 BTP for between E1.0-1.5bln, and re-opening
BTP 2.45% Sep-33 and 4.0% Feb-37 BTP for a combined E1.0-1.5bln.
- CASH FLOWS: There are just over E17bln in redemptions this week (Germany) and
just E0.24bln in coupons, leaving cash flow negative by E6.6bln, versus positive
E15.0bln last week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone
Issuance Profile:

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