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Belgium and the ESM come...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Belgium and the ESM come to the Eurozone T-bill
issuance market Tuesday. Issuance is now estimated to total E19.9bln versus
E9.419bln issued last week.
- SUPPLY: Belgium starts off with re-opening of 4-month May 10, 2018 TC and
issue new 12-month Jan 10, 2019 for between E2.3-E2.7bln. The ESM then issue new
3-month Apr 5, 2018 Bill for up to E2.0bln. Still to come this week on Wednesday
Italy issue new 12-month Jan 14, 2019 BOT for E7.5bln. Greece then issue a new
13-week Apr 13, 2018 T-bill for E625mln.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.38bln of a new 6-month DTC. In the afternoon France allotted E3.397bln tap of
a 3-month BTF, E1.05bln tap of a 6-month BTF and E1.3bln of a new 12-month BTF. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E6.341bln, Germany E2.0bln, Belgium E3.889bln, Italy E7.7bln, ESM E1.497bln and
Greece E1.0bln, turning net cash flow negative to the tune of E2.5bln vs
+E7.4bln last week.

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