There is no Sovereign bond........>

EUROZONE ISSUANCE: There is no Sovereign bond issuance scheduled Tuesday,

although the ESM is expected to open books for a new 5-yr Euro syndication deal.

Overall issuance is estimated to come in at E11bln vs E17.65bln last week.

- ISSUANCE: Still to come this week on Wednesday, Germany sells a new Oct-23

Bobl for E4.0bln. On Thursday, Italy concludes EGB issuance for the week with

tap of Mar 30, 2020 CTZ for E1.5-E2.0bln and 1.30% May-28 BTPei for

E0.75-E1.25bln.

- RECAP: Belgium kicked off issuance on Monday, allotting E705mln 0.50% Oct-24,

E1.112bln OLO, 0.80% Jun-28 OLO, E1.171bln 1.45% Jun-37 OLO, and E618mln 2.15%

Jun-66 OLO.

- CASH FLOWS: There are redemptions of E9.2bln and coupons of E3.0bln this week

(almost entirely from France), leaving cash flow negative by E1bln, slightly

less negative compared with -E4.8bln last week.

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

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

Profile: https://tinyurl.com/y7qhuwh2