EGB issuance is set to pick up....>

EUROZONE ISSUANCE: EGB issuance is set to pick up considerably this week to

E24.6bln from E12.8bln last week. 

- RECAP: On Monday Belgium sold the 0.50% Oct-24 OLO for E, 0.80% Jun-28 OLO,

3.00% Jun-34 OLO, and 2.25% Jun-57 OLO for a combined E3.38bln. Also Monday

Slovakia allotted the 1.00% Jun-28 SGB and the 3.625% Jan-29 SGB for a combined

E0.15bln. On Tuesday, Finland allotted the 0.00% Sep-23 and 1.375% Apr-47 RFGBs

for a combined E0.975bln. On Wednesday, Germany allotted E2.45bln of the 0.00%

Oct-23 Bobl. 

- ISSUANCE: Monday, Italy kicks off issuance by issuing a new 4-year BTPI/L

Italia for E7.0-8.0bln, this auction will run till Thursday. Thursday, Spain

re-opens the 0.45% Oct-22 Bono, 1.40% Jul-28 Obli and the 2.35% Jul-33 Obli for

a combined E2.5-3.5bln. Also Friday France re-opens the 0.00% May-22, 0.00%

Mar-23 and 0.00% Mar-24 OATs for a combined E6.5-7.5bln. It also reopens the

0.25% Jul-24, 0.10% Mar-28 and 0.70% Jul-30 OATi bonds for a total E0.75-1.25bln

- CASH FLOWS: Minimal cash flow returning to market (E0.0bln in redemptions,

E0.39bln in coupons), cash flow expected to be positive E25.2bln this week.