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This week sees EGB issuance of....>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: This week sees EGB issuance of E33.0bln Vs E28.4bln last
week, with Germany, Italy, Belgium, Greece and Austria coming to market.
RECAP: Issuance began on Tuesday with Germany tapping the market for E5.0bln in
0.00% Dec-20 Schatz. Also Tuesday, syndications included Greece selling 5-Yr
benchmark Apr-24 for E2.5bln, Austria selling 10-Yr benchmark Feb-29 for E5bln,
and Belgium selling 30-Yr Jun-50 OLO also for E5bln.
- ISSUANCE: On Wednesday, Italy who will sell both BTPs and CCTeu. They are
targeting E2.25-2.75bln of 2.45% Oct-23 BTP and E2.0-2.5bln of 2.80% Dec-28 BTP,
and a further E2.25-2.75bln of new Jan-25 CCTeu. Issuance is then wrapped up
later Wednesday when Germany come to market for the second time in a week,
offering the 0.25% Feb-29 Bund for E3.0bln.
- CASH FLOW: Cash returning to market this week totals E53.7bln (E41.2bln in
redemptions, E12.5bln in coupons) leaving total cash flow at -E20.7bln Vs
E28.3bln last week.
** For full details, please see MNI Eurozone bond auction calendar.
* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM280119.pdf

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