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EUROZONE ISSUANCE: This week saw an estimated E21.1bln of EGB issuance, roughly
double last week`s E10.6bln. Belgium, Italy, Germany, and France each held
- RECAP: On Monday, Belgium sold three OLOs for a combined E3.0bln: E0.9bln of
0.50% Oct-24 OLO, E1.2bln of 0.90% Jun-29 OLO, and E0.9bln of 1.70% Jun-50 OLO.
On Tuesday, Italy sold a total of E6.5bln: E2.5bln of 1.75% Jul-24 BTP, E3.0bln
of 3.00% Aug-29 BTP, and E1.0bln of Jan-25 CCTeu. Later Tuesday, Germany
allotted E3.1bln of Mar-21 Schatz. France concluded weekly issuance Thursday,
selling E8.5bln in OATs: E4.0bln of 0.50% May-29 OAT, E2.6bln of 1.25% May-34
OAT, and E1.9bln of 1.75% Jun-39 OAT.
- CASH FLOW: E39.6bln in maturing EGBs, composed of Spain (E22.4bln) and Italy
(E17.2bln), and E10.7bln in coupons (Spain and Italy), will leave cash flow at
net negative E29.2bln, versus negative E34.8bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM290419.pdf