Belgium, Germany and Italy come...>

EUROZONE ISSUANCE: Belgium, Germany and Italy come to market this week, with

E11.4bln in supply expected, following issuance of E17.65bln last week.

- ISSUANCE: Belgium kick off issuance on Monday with taps of 0.50% Oct-24 OLO,

0.80% Jun-28 OLO, 1.45% Jun-37 OLO, and 2.15% Jun-66 OLO for a total of

E3.1-E3.6bln. On Wednesday, Germany sells a new Oct-23 Bobl for E4.0bln. On

Thursday, Italy concludes EGB issuance for the week with an auction of CTZ and

BTPei, which we estimate will total around E4.0bln.

- CASH FLOWS: There are redemptions of E9.2bln and coupons of E3.0bln this week

(almost entirely from France), leaving cash flow negative by -E0.9bln, slightly

less negative compared with -E4.8bln last week.

** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone

Net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance

Profile: https://tinyurl.com/y7qhuwh2