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US TSYS

Belly-Led Cheapening In Wake Of Retail Sales

AUSSIE 10-YEAR TECHS

(Z1) Turning More Neutral

ECB

ECB Plays Down FT Story

AUSSIE 3-YEAR TECHS

(Z1) Incline Accelerates

There was E17.25bln of issuance...>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: There was E17.25bln of issuance in the past week. Expect
something similar in the coming week although duration is higher. MNI expects a
total of E17.9bln 
ISSUANCE: On Tuesday, Austria sells E1.38bln combined of RAGB 0.5% 2027 and
E4.15% 2037. On Wednesday, Germany sells E3bln of Obl 0% Oct-22. On Thursday,
Spain sells E3.5-4.5bln of SPGB 0.4% Apr-22, SPGB 1.45% Oct-27, SPGB 2.35%
Jul-33 nominals and E0.25-0.75bln SPGBei Nov-27 linker. France follows close on
its heels with E8-9bln OAT 1% May-27, OAT 1.25% May-36, OAT4.5% Apr-41 and OAT
4% Apr-60.
CASH FLOW: There are no redemptions until a big chunk appears on Sep 15. No
large coupons are due, just 1bln from Germany. Thus, upcoming supply has little
support and net supply is E16.9bln.
**For full details, please see MNI Eurozone bond auction calendar, MNI Eurozone
Net Cash Flow Matrix: http://tinyurl.com/gkrtmav and MNI Eurozone Issuance
Profile: http://tinyurl.com/h7trj4x