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EGB OPTIONS

Bobl call spread strip

US TSY OPTIONS

Large downside play

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Portugal/Bund near 50bps

SILVER TECHS

Eyeing Key Resistance

Germany and Italy will come to....>

EUROZONE ISSUANCE
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
Wednesday.
- 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
Matrix:
https://emedia.marketnews.com/marketnewsintl/MNI_Eurozone_Issuance_25112019.pdf
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com