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This week's issuance should be....>

EUROZONE ISSUANCE: This week's issuance should be around E18.5bln, down from
E21bln sold last week and E19bln average for this year. Net supply should be
negative for the coming 3 weeks. 
RECAP: On Monday, Slovakia sold E100mln each of Nov-23 and Jan-27. Tuesday,
Germany sold E4bln Schatz Sep-19 and E1bln of 1.25% Aug-48 yday. 
ISSUANCE: On Thursday Spain offers E4-5bln of Jan-21, Jul-25 Oct-27 and Oct-46.
The same day France sells E6-7bln of OATs May-21, Mar-23 and Nov-24. A little
later that day, France sells E1.25-1.75bln of OATi 0.1% Mar-25, OATei 1.85%
Jul-27 and OATei 3.15% Jul-32.
FLOWS: Cash inflows are decent with redemptions include E13bln of Italian CCTs
and E6.8bln Portuguese bonds on Monday, alongside E6.2bln of Irish debt on
Wednesday - totalling E26bln Additionally, there are E3.3bln of coupons, mostly
from Ireland and Portugal. Net supply is minus E10.9bln. 
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance

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