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With Belgium cancelling its Jan...>

EUROZONE ISSUANCE: With Belgium cancelling its Jan Olo auction following 10Y
syndication deal last week, Eurozone sovereign bond issuance is estimated to
fall sharply to E16.5bln next week compared to E24.26bln last week, with Germany
and Italy scheduled to come to the market. Spain has announced a 10Y via
syndication and we see E7bln; they did E9bln this time last year. Finland is
also a possible issuer.
- 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 coupon
payments of only E210mln this week, leaving net cash flow positive to the tune
of E16.29bln. 
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance

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