Eurozone sovereign bond...........>

EUROZONE ISSUANCE: Eurozone sovereign bond issuance was E24.9bln over the past

week, next week should be close to E17.6bln although we assume two uncertain

syndicated deals at the long end of the curve to get this number.

- ISSUANCE: Scheduled issuance begins on Monday with two small E80mln taps from

Slovakia in the SLOVGB 1.625% Jan-31 and 2% Oct-47. On Tuesday, Germany sells

E5bln of the new Mar-20 Schatz. Italy is scheduled to sell CTZ Oct-19 and some

BTP linkers on Friday. Syndications could come from a new Belgian 15 or 20Y

green bond, likely around E3-4bln and a Spanish 30Y syndicated deal. However,

Asian clients will be thin on the ground and so there will be no surprise to see

these deals later.

- CASH FLOWS: There is a E17bln German redemption on Friday and E0.3bln of

coupon payments. The net cash need is E0.4bln assuming we are correct on the

syndicated deals. 

** 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/h7trj4x