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This week's scheduled gross.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: This week's scheduled gross issuance is a very modest
E7.2bln, which is much lower than E18.9bln weekly average in 2017.
RECAP: On Tuesday, in strong auctions, Austria sold E1.15bln of RAGB 0% Sep-22
and RAGB 0.5% Apr-27 and Germany sold E0.5bln of the Bund linker 0.5% 2030. On
Wednesday, Germany sold E3.0bln of Obl 0% Oct-22 with modest demand and Portugal
also also saw tepid demand for E1.25bln of PGB 4.125% Apr-27. 
ISSUANCE: On Thursday, Ireland finishes off weekly supply with E1.0-1.25bln of
Irish 1% 2026 and 2% 2045. There are no obvious syndications but market talk of
an Italian exchange auction.
CASH FLOWS: There is little to sell and almost zero in terms of cash inflows
(E0.3bln of redemptions and coupons). So, net supply is E6.8bln. However,
issuance steps up dramatically in the week beginning Nov 12 to E33bln according
to MNI estimates. 
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x

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