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

EUROZONE ISSUANCE
EUROZONE ISSUANCE: The Netherlands, Germany, Portugal, Ireland, and Italy come
to market next week, selling E12.1bln in EGBs, vs E17.7bln this week.
- ISSUANCE: On Tuesday, the Netherlands re-opens 0.25% Jul-29 DSL for E2.0bln.
Also Tuesday, Germany sells E0.5bln of 0.1% Apr-46 Bundi. On Wednesday, Portugal
re-opens two PGBs for a combined total of E1.0-1.25bln: 1.95% Jun-29 PGB and
2.25% Apr-34 PGB 
- Details for the Irish and Italian auctions on Thursday will be announced on
Monday. MNI expects E1-1.5bln in Irish 10-Yrs and E7-8bln in M/L-T BTPs.
- CASH FLOW: With redemptions of E14.4bln (largely E13bln Schatz) and E0.1bln in
coupons, net cash flow will come in at negative 2.4bln, vs negative E17.4bln
this week.
** For further details please see MNI Cash Flow Matrix and Issuance Profile:

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