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This week sees six countries......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: This week sees six countries come to market, selling an
estimated total of E18bln in EGBs, versus E12.5bln last week.
- RECAP: Austria on Tuesday re-opened two RAGBs for a total of E1.15bln:
E0.575bln of 0.00% Jul-23 RAGB and E0.575bln of 0.50% Feb-29 RAGB. Also Tuesday,
Germany allotted E0.56bln of 0.50% Apr-30 BundEi linker.
- ISSUANCE: Germany returns Wednesday, re-opening Apr-24 Bobl for E3.0bln. Also
Wednesday, Portugal re-opens two PGBs, for a total E0.75-1.0bln: 1.95% Jun-29
PGB and 4.10% Apr-37 PGB. Later Wednesday, Finland re-opens 0.50% Apr-26 RFGB
and 1.375% Apr-47 RFGB for a combined E1.0bln. On Thursday, Spain sells new
0.25% Jul-24 Bono and re-opens 1.85% Jul-35 Obli for E4-5bln. Later Thursday,
Italy sells up to E7.75bln: E2.0-2.5bln of 1.00% Jul-22 BTP, E3.25-3.75bln of
2.10% Jul-26 BTP, and E1.0-1.5bln of 3.35% Mar-35 BTP.
- CASH FLOW: E16.2bln returning to market (including E16bln Bobl redemption)
will leave net cash flow at +E1.8bln, versus +E10.8bln last week.
** For full details, please see MNI Eurozone bond auction calendar
* Cash Flow Matrix: https://emedia.marketnews.com/CFM080419.pdf

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