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This week will see an estimated...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: This week will see an estimated E17.4bln of EGB issuance,
down slightly from E21.7bln last week. Italy will be last to sell this week.
- RECAP: On Tuesday, Italy re-opened Nov-20 CTZ for E2.0bln and 1.30% May-28
BTPei for E0.9bln. Also Tuesday, Germany allotted E3.2bln of Mar-21 Schatz. 
On Wednesday, Germany returned to market, allotting E2.4bln of re-opened
benchmark 10-Yr 0.25% Feb-29 Bund. Italy returned to markets on Thursday,
selling E7.5bln of BTPs. This included 3.75bln of new 1.75% Jul-24 BTP, 2.75bln
of re-opened 3.00% Aug-29 BTP, 1.0bln of re-opened Jan-25 CCTeu.
- CASH FLOW: With fairly large coupon payments this week of E4.8bln (E4.6bln of
which are from Belgium, E0.1bln from Italy) and E9.2bln of redemptions (almost
all of which is Mar-19 Belgian OLO), net cash flow will come in at an estimated
positive E3.5bln, versus positive E20.9bln last week.
** For full details, please see MNI Eurozone bond auction calendar
* Cash Flow Matrix: https://emedia.marketnews.com/CFM250319.pdf

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