EGB issuance is nearly done for...>

EUROZONE ISSUANCE: EGB issuance is nearly done for the week, with an Italian

sale on Thursday, and syndications underway for Finland and the ESM.

- ISSUANCE: Finland opened books Tuesday for E3bln of new 10-year benchmark

Sep-28 RFGB via syndication for E3.0bln (priced MS -28), with ESM syndicating

re-open of 1.85% Dec-55 bonds for E0.75bln (MS +16) and new 10-Yr benchmark bond

for E3.25bln (MS -11). On Thursday, Italy re-opens Oct-23 2.45% BTP for

E3.00-3.75bln, Dec-28 2.80% BTP for E1.75-2.25bln, and CCTeu Oct 24 and CCTeu

Sep-25 for a total of E1.25-1.75bln.

- RECAP: On Tuesday, Italy sold E1.75bln Mar-20 CTZ. On Wednesday Germany

reopened Oct-23 0.0% Bobl for E3.0bln. 

- CASH FLOWS: There are no redemptions this week, but there are E6.7bn in coupon

payments (by Italy). This will leave cash flow positive by around E7.7bln,

compared with flat last week (no issuance, minimal coupons/redemptions).

** For full detail 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