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E-MINI S&P (Z1): Trades Above The 50-Day EMA


Pullback Considered Corrective


EGB Supply For W/C Sep 20, 2021: Upcoming

Next week will see an estimated...>

EUROZONE ISSUANCE: Next week will see an estimated E23.7bln of EGB issuance.
ISSUANCE: Belgium on Monday re-opens four OLOs for a total of between
E3.4-3.9bln: 0.20% Oct-23, 0.80% Jun-28, 1.60% Jun-47, and 2.25% Jun-57. Also on
Monday, Slovakia re-opens E104mln of 0.00% Nov-23 SLOVGB and re-opens E100mln
1.00% Jun-28 SLOVGB. On Tuesday, Germany re-opens Sep-20 Schatz for E4.0bln.
Then on Wednesday, Germany re-opens 0.25% Aug-28 Bund for E3.0bln. Thursday sees
Spain re-open 0.05% Jan-21 Bono, 0.45% Oct-22 Bono, 1.60% Apr-25 Obli, and 1.40%
Jul-28 Obli, total amount TBA but MNI estimates E4.5bln. Also on Thursday,
France re-opens three OATs for a combined E6.5-7.5bln: 0.00% Feb-21, 0.00%
Mar-24, and 0.40% May-26. France also re-opens three linkers for a combined
E1.0-1.5bln: 0.10% Mar-28 OATi, 0.70% Jul-30 OATei, and 0.10% Jul-36 OATei.
- CASH FLOWS: With E15.8bln in redemptions due (Italy and Finland) and minimal
coupons, net cash flow will be positive at E6.6bln, vs +E0.4bln this week.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: and MNI Eurozone Issuance