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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: The Netherlands, Germany, Portugal and Italy came to market
this week selling an estimated total E11.5bln at auction, down from E15.1bln
last week (plus an additional E6bln in syndications).
- 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. Finally, Italy on Thursday re-opened 2.30% Oct-21 BTP for 3.5bln,
re-opened 2.50% Nov-25 BTP for between E1.5bln, re-opened BTP 2.45% Sep-33 for
E0.942bln, and re-opened 4.0% Feb-37 BTP for E0.558bln. 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). 
- CASH FLOWS: There are E17bln in redemptions this week (Germany) and E0.2bln in
coupons, leaving cash flow negative by E5.5bln, vs +E15.0bln last week. 
** For full details, please see MNI Eurozone bond auction calendar.

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