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Bill issuance is...........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Bill issuance is concluded for the week, having
totalled E15.3bln, vs E13.8bln last week.
- RECAP: The Netherlands began weekly issuance on Monday, selling E1.34bln of
new 6-month Aug 30, 2019 bills. Later on Monday, France sold E2.6bln of 3-month
May 29, 2019 BTF, E1.2bln of 6-month Jul 31, 2019 BTF, and E1.1bln of new
12-month Feb 26, 2020 BTF. On Tuesday, Spain sold a combined E4.435bln of
6/12-mth Letra, including E0.765bln of Sep 13,2019 Letra and E3.670bln of Mar 6,
2020 Letra. Also on Tuesday, Belgium sold E2.62bln of bills, including E1.00bln
in 2-month May 9, 2019 TCs,  E0.80bln in 3-month Jul 11, 2019 TCs, and E0.82bln
in 6-month Sep 12, 2019 TCs. The ESM rounded off issuance for the week later
Tuesday, selling E1.99bln of new 3-month Jun 6, 2019 bills.
- CASH FLOWS: With E20.1bln in redemptions this week, including E5.9bln from
France, E5.0bln from Belgium, E2bln from the ESM and E7.1bln from Spain, net
cash flow will come in at negative E4.8bln, compared with negative E3.5bln last
week.

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