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This week will see an estimated...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: This week will see an estimated E23.9bln of EGB issuance.
- RECAP: Monday, Belgium sold E1.3bln of 0.2% Oct-23 OLO, E1.3bln 0.8% of Jun-28
OLO, E0.7bln of 1.60% Jun-47 OLO and E0.6bln of 2.25% Jun-57 OLO. Also Monday,
Slovakia sold SLOVGBs: E103.6mln of 0.00% Nov-23 and E101.0mln of 1.00% Jun-28.
- ISSUANCE: On Tuesday, Germany re-opens Sep-20 Schatz for E4.0bln. Then on
Wednesday, Germany re-opens 0.25% Aug-28 Bund for E3.0bln. Thursday sees Spain
re-open 0.05% Jan-21 Bono, 0.45% Oct-22 Bono, 1.60% Apr-25 Obli, and 1.40%
Jul-28 Obli for a combined total of E4.0-5.0bln. Also on Thursday, France
re-opens three OATs for a combined E6.5-7.5bln: 0.00% Feb-21, 0.00% Mar-24, and
0.40% May-26. France also re-opens three linkers for a combined E1.0-1.5bln:
0.10% Mar-28 OATi, 0.70% Jul-30 OATei, and 0.10% Jul-36 OATei.
- CASH FLOWS: With E15.8bln in redemptions due (Italy and Finland) and minimal
coupons, net cash flow will be positive at E8.2bln, vs +E0.4bln last week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/y7heem6r and MNI Eurozone Issuance
Profile: https://tinyurl.com/yc9or6wt

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