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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 will re-open the 0.35% Feb-25 BTP (for E2.0-2.5bln), the 1.35% Apr-30
BTP (E2.5-3.0bln) and the Apr-25 CCTeu (E0.50-0.75bln).
- Germany plans 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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