Market Outlook - BNP PARIBAS - Investment Services India

Treasury and SAS Issuance CalendarThis section is classified as non-objective researchIn the pipeline - Treasuries:Japan: 15y Floating-rate JGB buy-backs for JPY 0.6trn and 10y Inflation-Indexed JGB buy-backs for JPY 0.15trn in Q4Italy: BTP Nov 2014 (new) to be issued in Q4Germany: In Q4, intends to issue inflation-linked federal securities (EUR 2-3bn) and reserves the right to issue foreign currency bondsUK: Index-Linked Gilt Mar 2062 0.375% (new, syndicated) in the week commencing 24 OctoberUK: Gilt Purchase Programme has resumed; to be conducted for a 4mth period; the size of the programme will be kept under review; dates orfrequency may change depending on hols and market conditionsUK: Mini-tenders in the week commencing 28 November and in the week commencing 12 December (choice of gilt on Fri 18 Nov & on Fri 2Dec respectively)UK: Plans to offer, via syndication, a new index-linked gilt (12-20y area) in H2 of NovemberFinland: Plans to arrange a EUR benchmark bond auction in Q4 (details one week prior to the auction)Czech Rep.: A syndicated euro benchmark still highly probable by the end of this yearHungary: May sell foreign-currency denominated bonds this year to prefinance 2012, depending on the international situationSlovak Rep.: No plan to issue T-bills in OctoberIn the pipeline - Agencies:EFSF: Issues initially scheduled in Q4 2011 in support of Portugal could now be issued in early 2012EFSF: Plans to issue one benchmark bond for Ireland (EUR 3bn) before year endDuring the week:UK: Index-Linked Gilt 0.375% Mar 2062 (new, syndicated)FHLMC: Second syndicated auction in October, details announced on Thursday 27 OctoberDate Day Closing Country Issues Details BNPP forecastsLocal GMT21/10 Fri 11:00 15:00 US Outright Treasury Coupon Purchase (2019 - 2021) USD 4.25-5bn24/10 Mon 12:00 03:00 Japan JGBs 10-year Enhanced-liquidity issue 286-314(*8 issues excl.)JGBs 20-year Auction for Enhanced-liquidity issueJPY 0.3tn53-93 (54 & 77 excl.)14:45 13:45 UK Gilt Purchase (12 Gilts 2015-2021) GBP 1.7bn11:00 15:00 US Outright Treasury Coupon Purchase (2036 - 2041) USD 2.25-2.75bn25/10 Tue 14:45 13:45 UK Gilt Purchase (9 Gilts 2038-2060) GBP 1.7bnNeths DSL 3.25% 15 Jul 2015 (Off-the-run facility)DSL 4% 15 Jul 2019 (Off-the-run facility)EUR 2-3bn12:00 16:00 Canada Repurchase of 7 Cash Mgt Bonds (Dec11 to Dec12) CAD 1bn11:00 15:00 US Outright Treasury Coupon Purchase (2017 - 2019) USD 4.25-5bn13:00 17:00 US Notes 0.25% 31 Oct 2013 (new) USD 35bn26/10 Wed 12:00 03:00 Japan JGB 15 Nov 2013 JPY 2.6tn10:55 08:55 Italy CTZ 21 Oct EUR 2.5bn14:45 13:45 UK Gilt Purchase (8 Gilts 2022-2036) GBP 1.7bn13:00 17:00 US Notes 1% 31 Oct 2016 (new) USD 35bnOutright T. Coupon Sales (Mar 2014 - Oct 2014)USD 8-9bn27/10 Thu 10:55 08:55 Italy BTPeis 21 Oct EUR 1-2bn11:00 09:00 Sweden ILB 3.5% 1 Dec 2015 (# 3105) SEK 0.75bn11:00 15:00 US Outright Treasury Coupon Purchase (2036 - 2041) USD 2.25-2.75bn13:00 17:00 US Notes 1.5% 31 Oct 2018 (new) USD 29bn28/10 Fri 10:55 08:55 Italy 3 & 10y BTPs and CCT 21 Oct EUR 6-9bn13:00 17:00 US Outright T. Coupon Sales (Oct 2013 - Feb 2014) USD 8-9bn31/10 Mon 14:45 14:45 UK Gilt Purchase12:00 11:00 Belgium OLOs 24 Oct EUR 1-2bnSlovak Rep. SLOVGB 3.5% 24 Feb 2016 (#213)EUR 0.1bn01/11 Tue 12:00 03:00 Japan JGB 10-year 25 Oct JPY 2.2tn14:45 14:45 UK Gilt PurchaseDenmark DGBs 27 Oct02/11 Wed 11:00 10:00 Germany OBL 1.25% 14 Oct 2016 (Series 161) EUR 5bn14:45 14:45 UK Gilt Purchase12:00 16:00 Canada CAN 3-year 27 Oct03/11 Thu 10:30 09:30 Spain Bono 4.25% 31 Oct 2016 31 Oct EUR 3-4bn10:50 09:50 France OATs 28 Oct EUR 7-9bn10:30 10:30 UK Gilt 4.25% 7 Jun 2032 25 Oct07/11 Mon 14:45 14:45 UK Gilt Purchase08/11 Tue 12:00 03:00 Japan Auction for Enhanced-liquidity 1 Nov JPY 0.3tn11:00 10:00 Austria RAGBs 1 Nov10:30 10:30 UK Index-Linked Gilt 0.625% 22 Mar 2040 1 Nov14:45 14:45 UK Gilt PurchaseNeths DSL 3.25% 15 Jul 2021 EUR 1.5-2.5bn13:00 18:00 US Notes 3-year (new) 2 Nov USD 32bn09/11 Wed 14:45 14:45 UK Gilt Purchase12:00 17:00 Canada CAN 2-year 3 Nov13:00 18:00 US Notes 10-year (new) 2 Nov USD 24bn10/11 Thu 12:00 03:00 Japan JGB 40-year 3 Nov JPY 0.4tn13:00 18:00 US Bond 30-year (new) 2 Nov USD 16bnSources: Treasuries, BNP ParibasInterest Rate Strategy 20 October 2011Market Mover65www.GlobalMarkets.bnpparibas.com