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EUROZONE ISSUANCE
EUROZONE ISSUANCE: Only one major Eurozone country is scheduled to issue bonds
next week: Italy, which will sell up to E5.0bln of floating CCTeu and BTPs. This
means total EGB issuance will slow from E8.92bln this week.
- ISSUANCE: On Tuesday, Italy re-opens CCTeu Sep-25 for between E0.5-1.0bln,
re-opens 2.45% Oct-23 BTP for between E1.5-2.0bln, and re-opens 10-yr benchmark
2.80% Dec-28 BTP for between E2.0-2.5bln.
- CASH FLOWS: There are E32.0bln of EGB redemptions scheduled for the week
(Spain E20.4bln and Italy E11.6bln), in addition to E11.8bln in coupons
(highlighted by Spain E7.2bln, Italy E4.5bln), leaving cash flow negative by an
estimated E39.0bln, versus a E33.61bln net negative this week just gone.
** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: https://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: https://tinyurl.com/yab8pan4

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