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 E11.3bln versus

E11.5bln issued last week.

- SUPPLY: Belgium is scheduled up first with re-opening of Nov 8, 2018 T-bill

and Jan 10, 2019 T-bill for a combined amount of between E1.5-E1.9bln. The ESM

then issue new 3-month Oct 4, 2018 for up to E2bln. Still to come this week, on

Wednesday Greece launch a new 26-week Jan 4, 2019 T-bill for E1.25bln.

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

E1.55bln in a new 6-month DTC. In the afternoon France allotted E2.999bln of a

new 3-month BTF, E994mln tap of a 6-month BTF and E796mln tap of a 12-month BTF.

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

E6.333bln, Greece E2bln and ESM E2bln turning net cash flow positive to the tune

of E960mln vs -E5.8bln last week.

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

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