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Germany, Italy and the............>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy and the Netherlands will come to the market
this week and issue an estimated E13.9bln.
- ISSUANCE: The Netherlands will kick off the week by re-opening the 0.00%
Jan-24 DSL for E1.5-2.5bln on Tuesday. Italy will then tap the Mar-20 CTZ for
E1.25-1.75bln and the 1.25% Sep-32 BTPei for E0.75-1.00bln. Germany will issue
E3.0bln of the Oct-23 Bobl on Wednesday. Italy will then close the week with a
tap of medium/long-term issues on Thursday (details to be announced on 24
September).
- CASH FLOWS: There are an estimated E0.23bln in EGB redemptions this week and
E2.52bln in coupon payments, which will leave net cash flows at positive
E11.1bln, versus positive E8.7bln last week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/y97poj6h and MNI Eurozone Issuance
Profile: https://tinyurl.com/y7qhuwh2

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