Germany and Italy come to the.....>

EUROZONE ISSUANCE: Germany and Italy come to the EGB auction markets this week,

while a syndication is also expected from Finland.

- ISSUANCE: Italy will kick off issuance this week with a tap of the Mar-20 CTZ

for E1.25-1.75bn on Tuesday. Next up, on Wednesday, Germany will reopen Oct-23

0.0% Bobl and looks to issue E3.0bln. Finally, on Thursday, Italy re-opens

Oct-23 2.45% BTP for E3.00-3.75bln, re-opens Dec-28 2.80% BTP for E1.75-2.25bln,

and re-opens CCTeu Oct 24 and CCTeu Sep-25 for a total of E1.25-1.75bln.

Additionally, Finland this week will reportedly sell a 10-year, Sep-28 RFGB via

syndication for E3.0bln. 

- CASH FLOWS: There are no redemptions this week, but there are E6.7bn in coupon

payments (by Italy). This will leave cash flow positive by around E7.7bln,

compared with flat last week (no issuance, minimal coupons/redemptions).

** For full detail please see MNI Eurozone bond auction calendar, MNI Eurozone

Net Cash Flow Matrix: https://tinyurl.com/gkrtmav  and MNI Eurozone Issuance

Profile: https://tinyurl.com/y7qhuwh2