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Eurozone issuance is very light...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Eurozone issuance is very light in the week ahead with only
Italy and Germany due to come to the market.
- Both Italy and Germany will issue on Wednesday with the Italian results likely
due out first. Italy plans to auction medium/long-term BTPs and will likely
announce which specific bonds they plan to issue later today.
- German plan to issue E3.0bln of the 3-year zero coupon BOBL.
- Next week will be another big week for redemptions with the Italy Oct-19 CTZ
and Spanish 4.30% Oct-19 Bono both due to mature. Furthermore there are E12.3bln
of coupons payments returning to the market from Spanish and Italian paper.
- We estimate this will leave net cash flows back to the market of E35.2bln vs
E44.4bln this week.

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