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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: On Tuesday, the Netherlands re-opened 2.75% Jan-47 DSL for E0.735bln,
and Germany re-opened 0.1% Apr-26 BundEi linker for E0.5bln (allotting
E0.399bln). Germany on Wednesday re-opened 0.25% Aug-28 Bund for E3.0bln
(allotting E2.4bln). Also Wednesday, Portugal re-opened 2.125% Oct-28 PGB for
E0.782bln. Also this week, ESM and Ireland syndicated Jan-22 bond and Mar-31
Green Bond, respectively, each for E3bln(not counted in our auction total).
- ISSUANCE: Italy on Thursday re-opens 2.30% Oct-21 BTP for between E3.0-3.5bln,
re-opens 2.50% Nov-25 BTP for between E1.0-1.5bln, and re-opens BTP 2.45% Sep-33
and 4.0% Feb-37 BTP for a combined E1.0-1.5bln.
- CASH FLOWS: There are E17bln in redemptions this week (Germany) and E0.2bln in
coupons, leaving cash flow negative by E6.6bln, vs +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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