Next week sees Eurozone...........>

EUROZONE ISSUANCE: Next week sees Eurozone issuance total E20.5bln (incl.

possible sydication from Austria) Vs a total of E28.4bln this week. Germany,

Italy, and Austria are all expected to issue. 

- ISSUANCE: Issuance begins on Tuesday with Germany tapping the market for

E5.0bln in 0.00% Dec-20 Schatz. Later Tuesday we expect details of a syndication

from Austria for a new 10yr RAGB, though this is unconfirmed. 

Wednesday sees the turn of Italy who will tap both BTPs and CCTeus. They are

targeting a combined E5.0bln from the 2.45% Oct-23, 2.80% Dec-28, 3,45% Mar-48

BTPs, and a further E3.5bln from the new Apr-26 CCTeu. Issuance is then wrapped

up later Wednesday when Germany come to market for the second time in a week,

offering the 0.25% Feb-29 Bund for E3.0bln.   

- CASH FLOW: Cash returning to market next week totals E53.7bln (E41.2bln in

redemptions, E12.5bln in coupons) leaving total cash flow at -E33.2bln Vs

E28.3bln this week. 

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

* Cash Flow Matrix: http://marketnews-m.objects.xtenit.com/CFM280119.pdf