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ACGB Purchase Offer Details


Holding Losses, Belly Leads Weakness


Smooth Passage Of Supply


Tepid Demand For Yen

EGB issuance is complete for......>

EUROZONE ISSUANCE: EGB issuance is complete for the week having totalled
E12.8bln Vs E16.6bln last week, with the Netherlands, Italy, Germany and
Portugal having come to market.
- RECAP: On Tuesday, the Netherlands sold E0.635bln of 3.75% Jan-42 DSL. Also
Tuesday, Italy sold E2.5bln of 2.30% Oct-21 BTP, E1.75bln of 2.50% Nov-25 BTP,
and E1.25bln of 2.95% Sep-38 BTP. Tuesday also saw Germany sell new 0.00% Dec-20
Schatz for E4.0bln (E3.1bln allotted). On Wednesday Germany sold E1.5bln
(E1.185bln allotted) of the re-opened 1.25% Aug-48 Buxl. Portugal then finished
off issuance for the week on Wednesday, selling E0.498bln of the re-opened 4.95%
Oct-23 PGB and E0.702bln of the re-opened 2.125% Oct-28 PGB.
- CASH FLOWS: With minimal cash flow returning to market (E0.3bln in
redemptions, E0.4bln in coupons), cash flow this week will come in at positive
E12.1bln, vs E16.5bln last week.
** For full details, please see MNI Eurozone bond auction calendar, and MNI
Eurozone Issuance Profile: