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This week saw just E7.4bln of.....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: This week saw just E7.4bln of EGB issuance (auctions, not
including Cyprus E1.25bln syndication), versus E13.4bln last week.
- ISSUANCE: Wednesday saw all of this week`s EGB auctions. Italy sold E3.5bln of
new Jun-21 CTZ, and re-opened 1.25% Sep-32 BTPei for E0.9bln. A little later
Wednesday, Germany allotted E2.5bln in 10-Yr benchmark 0.25% Feb-29 Bund
(selling a total of E3bln).
- SYNDICATION: Cyprus sold E0.5bln of 5-Yr 0.625% Dec-24 and E0.75bln of 30-Yr
2.75% Dec-49 benchmark EUR bonds on Wednesday.
- CASH FLOW: This week sees massive redemptions of E31.2bln (E29.3bln of which
is the 4.25% Apr-19 OAT) and coupons of E14.1bln (France = E13.7bln), leaving
cash flow at negative E38.4bln, versus negative E3.1bln last week. Plenty of
cash returning to market in the near future: looking ahead to the week beginning
April 29, there are a further E39.6bln in redemptions and E10.8bln in coupons.
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM220419.pdf

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