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Peter Chatwell and Antoine........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: Peter Chatwell and Antoine Bouvet at Mizuho look at the
triple syndications of EFSF, BTP and Portugal and new 10Y Bund today:
- For Portugal, Mizuho expect a E3-4bln sized deal "The double upgrade in
December back into BBB territory will broaden the range of investors able to buy
this deal."
- For the 20Y BTP Sep38 they expect "the deal to raise around EUR 6bn. We see FV
for the new bond at MS +142bp."
- For the EFSF 7Y Feb-25, Mizuho expect E4-6bln and think that the 7Y EFSF is
cheap to 7Y SSA.
- Finally, for the new Bund Feb-28, Mizuho assess the fair value Aug-27 to
Feb-28 roll at +6.5bp

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