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CORRECTION TO CCT. Eurozone.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: CORRECTION TO CCT. Eurozone governments should issue only
E9bln of scheduled supply next week. This is a second week of weak supply and
the past week saw only around E2bln.
- ISSUANCE: On Monday, Italy sells E1.5-2.0bln of CTZ Oct-19. Then, on
Wednesday, Italy sells medium/long term bonds. Normally, something in the
regions of E7bln would be expected, perhaps BTPs Sep-22, BTP Aug-27 and CCTeu
Apr-25. However, in the background, Greece is undertaking a potential E32bln
debt swap with expiration deadline on Tuesday 28 November.
- CASH FLOWS: Next week there are no redemptions but E3.3bln of coupons, split
fairly evenly between Italy and France. So gross issuance is around E9bln and
net supply is E5.7bln.
**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: https://tinyurl.com/ybnzlygd

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