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.

- RECAP: On Tuesday, the Netherlands re-opened 2.75% Jan-47 DSL for E0.735bln,

and Germany re-opened 0.1% Apr-26 BundEi linker for E0.5bln (allotting

E0.399bln). Germany on Wednesday re-opened 0.25% Aug-28 Bund for E3.0bln

(allotting E2.4bln). Also Wednesday, Portugal re-opened 2.125% Oct-28 PGB for

E0.782bln. Also this week, ESM and Ireland syndicated Jan-22 bond and Mar-31

Green Bond, respectively, each for E3bln(not counted in our auction total).

- ISSUANCE: Italy on Thursday re-opens 2.30% Oct-21 BTP for between E3.0-3.5bln,

re-opens 2.50% Nov-25 BTP for between E1.0-1.5bln, and re-opens BTP 2.45% Sep-33

and 4.0% Feb-37 BTP for a combined E1.0-1.5bln.

- CASH FLOWS: There are E17bln in redemptions this week (Germany) and E0.2bln in

coupons, leaving cash flow negative by E6.6bln, vs +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