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EUROZONE T-BILL ISSUANCE: Belgium and the ESM come to the Eurozone T-bill
issuance market Tuesday. Issuance is now estimated to total E16.9bln versus
E6.752bln issued last week.
- SUPPLY: Belgium is scheduled up first with re-opening of Dec 13, 2018 T-bill
and Jul 11, 2019 T-bill for a combined amount of between E1.3-E1.7bln. The ESM
then launch a new 3-month Nov 8, 2018 Bill for up to E2.0bln. Still to come this
week on Wednesday Greece launch a new 13-week Nov 9, 2018 T-bill for E625mln.
Then on Friday Italy issue new 12-month BOT with size announced on Tuesday but
expected to be for up to E6bln.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.97bln in a re-opening of Jan 31, 2019 DTC. In the afternoon France allotted
E2.7bln in tap of 3-month BTF, E1.094bln of a new 6-month BTF and E998mln in tap
of a 12-month BTF.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.35bln,
Belgium E2.258bln, ESM E1.964bln and Greece E1.4bln turning net cash flow
positive to the tune of E4.9bln vs -E12.2bln last week.