If there are no drive-by..........>

EUROZONE ISSUANCE: If there are no drive-by syndications, the net cash flow is

one of the most negative of the year at minus E41.3bln. Scheduled gross issuance

is E9bln, about half the YTD weekly average and last week's numbers. 

ISSUANCE: On Monday, Belgium sells E2.3-2.8bln of OLO 0.2% Oct-23, 4.5% Mar-26

and 1.6% Jun-47. Germany sells E3bln of the Bund 0.5% Aug-27 on Wednesday. On

Friday, Italy auctions a CTZ and linkers. There are such massive cash flows from

redemptions and coupons that a syndicated deal from someone is likely. The

market is still half-looking for a 20Y BTP although Italy recently announced a

BTP Italia on Nov 13. Most debt agencies are well funded for 2017. 

FLOWS: Cash inflows are massive. France has E34.4bln redeeming on Wednesday and

E14.9bln of coupon payments on the same day. There are around E1bln of other

redemptions. It all adds up to E50.3bln of cash flowing in. 

**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone

Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance

Profile: http://tinyurl.com/h7trj4x