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**If we count up the..............>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: **If we count up the year-to-date issuance totals for EGBs we
find an uncanny resemblance between 2018 and 2017.
- Total nominal issued in 2018 YTD is E239bln compared to E240bln at the same
point in 2018. Indeed, perhaps second round BTP allocations would take the total
over the 2017 figure.
- In terms of Bund contract equivalents, we calculate 1.573mln contracts in 2018
compared to 1.572mln in 2017.

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