Belgium and the ESM both...>

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

market Tuesday. Issuance is now estimated to total E12bln versus E14bln issued

last week.

- SUPPLY: Belgium is scheduled up first with re-opening of 4-month Jun 16, 2018

T-bill and 12-month Jan 10, 2019 T-bill for a combined amount of between

E1.4-E1.8bln. The ESM then issue a new 3-month May 10, 2018 Bill for up to

E2bln. Still to come this week, on Wednesday Greece issue new 13-week May 11,

2018 T-bill for E875mln.

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

new 6-month DTC for E1.46bln. In the afternoon France allotted E3.293bln in tap

of a 3-month BTF, E1.495bln tap of a 6-month BTF and E1.294bln of a new 12-month

BTF. 

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France

E6.063bln, Belgium E2.984bln, ESM E1.498bln and Greece E1.4bln, turning net cash

flow positive to the tune of E200mln vs -E5.7bln last week.