This past week's issuance was.....>

EUROZONE ISSUANCE: This past week's issuance was E18.5bln, down from E21bln sold

last week and E19bln average for this year. Next week we see around E12bln. 

ISSUANCE: On Monday, Belgium sells 0.2% Oct-23, 4.55 Mar-26 and 1.6% Jun-47. The

size is to be announced this morning. Germany E3bln of the Bund 0.5% Aug-27 on

Wednesday. On Friday, Italy auctions a CTZ and linkers with the announcement

this evening. There are such massive cash flows from redemptions and coupons

that a syndicated deal from someone is likely. The market is still half-looking

for a 20Y BTP although Italy recently announced a BTP Italia. 

FLOWS: Cash inflows are massive. France has E34.4bln redeeming on Wednesday and

E14.9bln of coupon payments on the same day. There are around E1bln of other

redemptions. It all adds up to E50.3bln of cash flowing in. 

**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