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Eurozone governments have.........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone governments have virtually completed issuance for
the year with only Italy having scheduled auctions in the last week of 2017.
Total issuance is expected to be E8.25bln next week.  
- REMAINING 2017 ISSUANCE: On Wednesday 27 Dec Italy tap Oct-19 CTZs for between
E2.0-2.5bln. Then on Thursday 28 Dec Italy tap BTP 0.9% Aug-22 for E2.0-2.5bln,
BTP 2.05% Aug-27 for E1.0-1.5bln, BTP 2.20% Jun-27 for E0.5-1.0bln and CCTeu
Apr-25 for E1.5-2.0bln. Note that these securities will settle in 2018.  
- CASH FLOWS: There are no coupon or redemption flows leading into the end of
2017 therefore net cash flow will be positive to the tune of E8.25bln. ECB APP
has finished for 2017 and will restart on Jan 2.

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