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EUROZONE ISSUANCE: This week, MNI sees E27.7bln of gross issuance and because
there are no cash flows, this is also the net issuance total. The first two
weeks of the year look like producing a combined ~E45.7bln of nominal supply,
down from E51.7bln in the same fortnight in 2017.
- RECAP: On Tuesday, Germany sold E0.5bln of Bundei 0.1% 2046 and Austria sold
E0.862bln of RAGB 0.5% Apr-27 and 0.517bln of 1.5% Apr-47 and the Netherlands
sells E1.89bln DSL 0% Jan-24. On Wednesday, Germany sold E5.0bln of a new 10Y
Bund, the Feb-28 and Portugal sold via syndication E4bln of PGB 2.125% Oct-28
and Italy sold E9bln 2.95% Sep-38 with extremely strong demand.
- ISSUANCE: Scheduled issuance concludes with the E2.5-3.0bln each of BTP 0.2%
Oct-20 and BTP 1.45% Nov-24 on Thursday.
- CASH FLOWS: The ECB PSPP is at a lower E30bln monthly pace alongside
reinvestment of redemptions, perhaps around E5bln per week.
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance