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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.
- RECAP: Italy sold E1.75bln of the Nov-21 CTZ and E0.66bln of the 2.55% Sep-41
BTPEi on Tuesday. Germany allotted E2.45bln of the 0.0% Oct-24 Bobl on
- ISSUANCE: 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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