It will be another busy week......>

EUROZONE ISSUANCE: It will be another busy week for issuance with Italy,

Germany, Belgium and the ESM/EFSF coming to the market. We estimate gross

issuance will be E20.6bln, slightly higher than this week's E18.0bln but there

are no big redemptions or coupon payments due. We estimate this will leave net

flows at E20.2bln compared to E-2.4bln in the prior week.

- ISSUANCE: Belgium will be first to come to the market on Monday and are due to

tap the 1.00% Jun-26, 0.90% Jun-29 and 1.90% Jun-38 OLOs for E2.3-2.8bln. There

may also be issuance from the EFSF/ESM on Monday but that is TBC. On Tuesday,

Germany come to the market to issue the Sep-21 Schatz with E4.0bln on offer.

Wednesday sees Italy come to the market selling CTZ/BTPEi with amounts and

issues due to be confirmed on Friday. Germany will return to the market on

Wednesday to issue E3.0bln of the 0.00% Aug-29 Bund. Finally, Italy will come to

the market again to round off the week on Friday, issuing M/T and L/T BTPs.

- CASH FLOWS: There are E0.2bln in redemptions and E0.2bln in coupon payments,

leaving net cash flows at E20.2bln. **For full details please see MNI Cash Flow

Matrix and Issuance Profile: https://emedia.marketnews.com/CFM230919qas.pdf