Belgium and the ESM both...>

EUROZONE T-BILL ISSUANCE: Belgium and the ESM both come to the Eurozone T-bill

issuance market Tuesday. Issuance is now estimated to total E9.6bln versus

E11.386bln issued last week.

- SUPPLY: Belgium is up first with re-opening 3-month Jan 11, 2018 T-bill and

6-month Mar 8, 2018 T-bill for between E1.3-E1.7bln. The ESM then issue a new

3-month Jan 11, 2018 Bill for E1.5bln. Still to come this week Greece issue a

new 26-week Apr 10, 2018 T-bill for E875mln. on Wednesday.

- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted

E1.45bln 6-month DTC. In the afternoon France allotted E2.591bln in re-opening

of 3-month BTF and E1.594bln in a new 6-month BTF.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.78bln,

Greece E1.4bln, and the ESM E1.498bln turning net cash flow negative to the tune

of E40mln vs -E6.69bln last week. ** For full details of forthcoming issues,

please see Eurozone T-bill auction calendar