Belgium and the ESM come...>

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

issuance market Tuesday. Issuance is now estimated to total E11.5bln versus

E12.924bln issued last week.

- SUPPLY: Belgium is scheduled to come to the market first with a re-opening of

3-month Dec 14, 2017 T-bill and 6-month Feb 8, 2018 T-bill for between

E1.4-E1.8bln. The ESM then issue a new 3-month Dec 7, 2017 T-bill for E1.5bln.

Still to come this week, on Wednesday Greece issue a new 13-week Dec 8, 2017

T-bill for E1.0bln.

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

E1.8bln. In the afternoon France tapped 3-month BTF for E2.993bln, issued a new

6-month BTF for E1.597bln and tapped 12-month BTF for E996mln. 

- REINVESTMENT FLOWS: T-bill redemptions this week are due from Greece E1.6bln

and the ESM E1.499bln, turning net cash flow positive to the tune of E8.4bln vs

-E3.74bln last week.

** For full details of forthcoming issues, please see Eurozone T-bill auction

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