Market Mover - 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: 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: Cancelled the mini-tender scheduled for the week commencing 28 NovemberUK: Mini-tender in the week commencing 12 December (choice of gilt on Fri 2 Dec)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.: May delay plans to sell Eurobonds this yearHungary: May sell foreign-currency denominated bonds this year to prefinance 2012, depending on the international situationIn 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 endDate Day Closing Country Issues Details BNPP forecastsLocal GMT28/10 Fri 10:55 08:55 Italy BTP 4.25% 1 Jul 2014 EUR 2.5-3.25bnCCTeu 15 Oct 2017EUR 0.5-1bnBTP 4.25% 1 Sep 2019EUR 0.5-1.25bnBTP 5% 1 Mar 2022EUR 2-3bn13:00 17:00 US Outright T. Coupon Sales (Oct 2013 - Feb 2014) USD 8-9bnFHLMC Notes 27 Nov 2013 (new, syndicated)31/10 Mon 14:45 14:45 UK Gilt Purchase (13 Gilts 2015-2021) GBP 1.7bn12:00 11:00 Belgium OLO 4% 28 Mar 2014 (OLO 54)OLO 3.5% 28 Jun 2017 (OLO 63)28 Oct EUR 1-2bnOLO 4.25% 28 Sep 2021 (OLO 61)Slovak Rep. SLOVGB 3.5% 24 Feb 2016 (#213)EUR 0.1bn01/11 Tue 12:00 03:00 Japan JGB 20 Sep 2021 JPY 2.2tn14:45 14:45 UK Gilt Purchase (9 Gilts 2038-2060) GBP 1.7bnDenmark DGB 2.5% 15 Nov 2016DGB 3% 15 Nov 202112:00 16:00 Canada Repurchase of 7 Cash Mgt Bonds (Dec11 to Dec12) CAD 0.5bn02/11 Wed 11:00 10:00 Germany OBL 1.25% 14 Oct 2016 (Series 161) EUR 5bn14:45 14:45 UK Gilt Purchase (7 Gilts 2022-2036) GBP 1.7bn12:00 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 GBP 2bn07/11 Mon 14:45 14:45 UK Gilt Purchase 3 Nov08/11 Tue 12:00 03:00 Japan Auction for Enhanced-liquidity 1 Nov JPY 0.3tn11:00 10:00 Austria RAGBs 1 Nov EUR 1-2bn10:30 10:30 UK Index-Linked Gilt 0.625% 22 Mar 2040 1 Nov14:45 14:45 UK Gilt Purchase 3 NovNeths 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 Purchase 3 Nov12:00 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 16bn14/11 Mon 10:55 09:55 Italy 5-year BTP and possibly 15- or 30-year BTP 7 Nov EUR 6-9bn11:00 10:00 Norway NGBs 7 Nov14:45 14:45 UK Gilt Purchase 10 NovSlovak Rep. SLOVGB (For decision)15/11 Tue 12:00 03:00 Japan JGB 5-year 8 Nov JPY 2.5tn14:45 14:45 UK Gilt Purchase 10 NovDenmark DGBs 10 Nov16/11 Wed 11:00 10:00 Germany Schatz 13 Dec 2013 (new) EUR 6bn11:00 10:00 Sweden T-bonds 9 Nov SEK 2bn14:45 14:45 UK Gilt Purchase 10 Nov12:00 17:00 Canada CAN 30-year 10 Nov17/11 Thu 12:00 03:00 Japan Auction for Enhanced-liquidity 10 Nov JPY 0.3tn10:30 09:30 Spain Obligaciones 3 Nov EUR 3-5bn10:50 09:50 France BTANs 2- &/or 5-year 11 Nov EUR 7-9bn11:50 10:50 France OATis , OATeis, BTANeis 11 Nov EUR 1.5-2bn10:30 10:30 UK Gilt 5% 7 Mar 2018 8 Nov13:00 18:00 US TIPS 10-year 10 Nov USD 11bnSources: Treasuries, BNP ParibasInterest Rate Strategy 27 October 2011Market Mover80www.GlobalMarkets.bnpparibas.com