The Netherlands, Germany,.........>

EUROZONE ISSUANCE: The Netherlands, Germany, Portugal and Italy come to market

this week selling an estimated total E10.9bln, down from E15.1bln last week.

- ISSUANCE: The Netherlands DSTA on Tuesday re-opens 30-year 2.75% Jan-47 DSL

for between E0.5-1.0bln. Also on Tuesday, Germany re-opens 0.1% Apr-26 BundEi

linker for E0.5bln, while the ESM syndicates new 3-year Jan-22. Germany comes

back to market on Wednesday, re-opening 0.25% Aug-28 Bund for E3.0bln. Also on

Wednesday, Portugal will re-open 2.125% Oct-28 PGB for between E0.75-1.0bln.

Italy completes the week's issuance Thursday, re-opening 2.30% Oct-21 BTP for

between E3.0-3.5bln, re-opening 2.50% Nov-25 BTP for between E1.0-1.5bln, and

re-opening BTP 2.45% Sep-33 and 4.0% Feb-37 BTP for a combined E1.0-1.5bln. 

- CASH FLOWS: There are just over E17bln in redemptions this week (Germany) and

just E0.24bln in coupons, leaving cash flow negative by E6.4bln, versus positive

E15.0bln last week.

** For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone

Net Cash Flow Matrix: https://tinyurl.com/cashflowoct82018 and MNI Eurozone

Issuance Profile: https://tinyurl.com/issuanceoct82018