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Holding Above Recent Lows

US EURODLR OPTIONS

BLOCK, Large 3Y Midcurve Put Condor

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Germany, Italy, the Netherlands, Portugal and Ireland will
issue EGBs this week. We estimate supply of E18.2bln compared to E36.5bln last
week.
- ISSUANCE: Germany will sell the 0% Nov-27 bund for E4bn on Tuesday. The
Netherlands will then re-open the 0.0% Jul-30 DSL for E1-3bn. Italy will come to
market on Wednesday to tap the 0.60% Jun-23 BTP, 0.85% Jan-27 BTP, 3.35% Mar-35
BTP and the 3.10% Mar-40 BTP for a combined E7.5-9.0bn. Germany returns again on
Wednesday to sell E1bn of the 1.25% Aug-48 bund. Portugal will auction the
2.875% Oct-25 OT and 0.475% Oct-30 OT for E1.00-1.25bn. Ireland is expected to
hold an auction on Thursday with details TBA. The ESM could also issue this
week.
- CASH FLOWS: E2.6bln in coupon payments will leave net cash flows at E15.6bln
for the week.
** For further details please see MNI Eurozone Issuance Profile & Cash Flow
Matrix: https://emedia.marketnews.com/marketnewsintl/CFM1110520nsms.pdf
MNI London Bureau | +44 0203-865-3808 | bruce.jeffery@marketnews.com