Ryan McGrath at Cantors in........>

EUROZONE ISSUANCE: Ryan McGrath at Cantors in Dublin looked at the potential

fair value of the Irish 5Y syndicated deal, likely coming on Wednesday after the

German market returns. 

- In his calculations, "combining the IRISH curve interpolation with the

comparable FRTR gives an issuance range of minus 4bps to minus 8bps."

- To get this range, the -4bp comes from an interpolation between Irish Mar-22

and Mar-23s.

- However, the Irish credit curve is quite steep compared to France over these

tenors, "Referencing the FRTR 2.25% 10/22s which is yielding minus 12bps and

assuming the new Irish should come 4 over France, the comparable suggests minus

8bps".