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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Belgium and the European Stability Mechanism are
scheduled to come to the Eurozone T-bill issuance market Tuesday. Issuance is
now expected to total E11.2bln compared to E11.8bln last week.
- SUPPLY: Belgium will be up first with taps of the 4-month Jan 10, 2019 and
6-month Mar 7, 2019 on Tuesday for between E1.4-E1.8bln. The ESM will then issue
a new 3-month Dec 6, 2018 T-bill for up to E2.0bln. Still to come this week, on
Wednesday Greece issue new 13-week Dec 7, 2018 for E625mln.
- RECAP: So far this week, on Monday the Netherlands allotted E1.69bln of a new
6-month DTC. In the afternoon France allotted E2.996bln, E1.196bln and E1.098bln
in 3-/6- & 12-month BTFs. 
- REINVESTMENT FLOWS: Redemption flows are light this week with just E1.0bln
from Greece, leaving cash flow positive by around E10.5bln compared with
negative E4.9bln last week.

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