Eurozone governments should.......>

EUROZONE ISSUANCE: 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; they cancelled the

usual linker that accompanies the CTZ. Then, on Wednesday, Italy sells

medium/long term bonds. Normally, something in the region 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. An average-like 0.04Y increase in the duration of the

Bloomberg-Barclays Euro Tsy Agg. occurs on Thurs.

**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