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There is no EGB issuance..........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: There is no EGB issuance Wednesday with the next scheduled
auction not until Friday when Italy comes to the market. Issuance is now
expected to total E21.4bln vs E16.3bln issued last week.
- ISSUANCE: Still to come, on Friday Italy launch a new 7-yr Sep-25 CCTeu for
E3.0-E3.5bln, tap 5-yr 0.95% Mar-23 BTP for E2.25-E2.75bln and tap 10-yr 2.00%
Feb-28 BTP for E2.5-E3.0bln.
- RECAP: Belgium kicked of issuance on Monday tapping 0.50% Oct-24 Olo82, 0.80%
Jun-28 Olo85, 1.60% Jun-47 Olo78 and 2.25% Jun-57 Olo83 for a total of E3.4bln.
On Tuesday Italy tapped Mar-20 CTZ for E2.0bln and 1.30% May-28 BTPei and 1.25%
Sep-32 BTPei for E1.75bln. Germany tapped 2-yr Schatz for E4bln and Finland
taped 10-yr 0.50% Sep-27 RFGB for up to E1bln.
- CASH FLOWS: Coupon payments are due from France E14.38bln, and smalls from
Italy E226mln. While there is a large French redemption of E27.96bln. Overall
this equates to net cash flow being negative to the tune of E21.3bln.

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