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Only Italy and Belgium will.......>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Only Italy and Belgium will come to market next week with
target issuance of a combined E5.3bln, up from E17.7bln last week. 
- ISSUANCE: Belgium will issue first next week with taps of the 0.90% Jun-29 OLO
and the 1.25% Apr-23 OLO on Monday for E1.6-2.0bln. Italy will look to issue
CTZ/BTPEi's on Friday, with details to be announced on Tuesday. The ECB
Governing Council will meet on Thursday. Even if no new policy innovations are
announced, markets will look for indications that the central bank is teeing up
additional measures for the September meeting.
- CASH FLOWS: There are E12.9bln in redemptions and E7.6bln in coupon payments
which will leave net cash flow at negative E15.2bln for the week. 
** For full details, please see MNI Eurozone bond auction calendar, and MNI Cash
Flow Matrix: https://emedia.marketnews.com/CFM220719.pdf

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