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Belgium, the ESM, and......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Belgium, the ESM, and Greece are still to come to
market this week. Total bill issuance is estimated at E10.4bln, v E13.0bln last
week.
- RECAP: On Monday, the Netherlands sold E1.4bln in new 6-month Nov 29, 2019
DTC. Later Monday, France sold a total of E4.9bln in BTFs: E2.6bln of 3-month
Sep 4, 2019 BTF, E1.0bln of 6-month Oct 23, 2019 BTF, and E1.3bln of 12-month
May 20, 2020 BTF. 
- ISSUANCE: On Tuesday, Belgium sells E0.6-1.0bln of 3-month Sep 12, 2019 TCs.
Later on Tuesday, the ESM sells E2bln of new 3-month Sep 5, 2019 bills. On
Wednesday, Greece concludes Eurozone bill issuance for the week, selling
E1.25bln of new 6-month Dec 6, 2019 bills.
- CASH FLOW: There are E5.1bln of bills maturing this week (France E3.1bln,
Greece E2.0bln), bringing net cash flow to positive E5.3bln, versus negative
E2.9bln last week.
** For full details, please see MNI Eurozone T-Bill auction calendar.

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