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

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

while syndications are also underway from Finland and the ESM.

- ISSUANCE: Finland opened books on Tuesday for a new 10-year benchmark, Sep-28

RFGB via syndication for E3.0bln, and ESM is due to syndicate re-open of 1.85%

Dec-55 bonds and a new 10-Yr benchmark bond, pricing this week. As for scheduled

sales, on Wednesday Germany reopens Oct-23 0.0% Bobl and looks to issue E3.0bln.

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. 

- RECAP: Italy sold E1.75bln Mar-20 CTZ at 1.28% yield and 1.9x cover Tuesday. 

- 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