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With Belgium cancelling its Jan...>

EUROZONE ISSUANCE: With Belgium cancelling its Jan Olo auction following 10-yr
syndication deal this week, Eurozone sovereign bond issuance is estimated to
fall sharply to E9.5bln next week compared to E24.26bln this week, with Germany
and Italy scheduled to come to the market. Although syndications are still
expected, most likely from Spain and Finland. 
- ISSUANCE: Germany kicks off issuance on Tuesday with tap of its 2-yr benchmark
BKO 0.00% Dec-19 for up to E5bln. On Friday Italy is expected to re-open a 2-yr
Oct-19 CTZ and BTP linkers with confirmation announced on Tuesday, but expected
to be for a total of E4.5bln. 
- CASH FLOWS: In terms of reinvestment flows, there are no redemption and only
coupon payments of E210mln next week, leaving net cash flow positive to the tune
of E9.29bln. 
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance

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