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Germany and Italy will come to....>

EUROZONE ISSUANCE: Germany and Italy will come to market this week, with the
EFSF/ESM also scheduled to tap the market. We estimate supply of E13.5bln
compared to E18.1bln last week.
- ISSUANCE: Italy will be the first to issue this week with auctions of the
Nov-21 CTZ for E0.50-0.75bln and the 2.55% Sep-41 BTPEi on Tuesday for
E1.25-1.75bln. Germany will then follow on Thursday with a sale of the 0.0%
Oct-24 Bobl for E3.0bln. Italy will return to the market on Thursday with a
planned sale of medium/long-term BTPs with details yet to be announced.
- CASH FLOWS: There will be E22.2bln in redemptions and E1.5bln in coupon
payments which will leave net cash flows at negative E10.2bln.
** For further details please see MNI Eurozone Issuance Profile and Cash Flow

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