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Bill issuance is set to....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Bill issuance is set to tick up slightly to E16.5bln
next week, from E15.3bln this week. Six countries are coming to market.
- ISSUANCE: On Monday, Germany kicks off sales for the week, re-opening 6-month
Aug 14, 2019 Bubills for E2bln. Later Monday, France sells four BTFs:
E2.2-2.6bln of 3-month Jun 13, 2019, E0.5-0.9bln of 5-month Jul 31, 2019,
E0.2-0.5bln of 6-month Sep 11, 2019, and E0.5-0.9bln 12-month Feb 26, 2020.
- On Tuesday, Spain sells 3-month and 9-month Letra, details TBA Monday. Also
that morning, Italy sells E6.5bln of new 12-month Mar13, 2020 BOT. Later,
Slovenia sells 3-month Jun 13, 2019, 6-month Sep 12, 2019, and 12-month Mar 12,
2020 bills for a combined E0.14bln. Belgium concludes a busy Tuesday, selling
E1.0bln of 2-month May 9, 2019 TC,E0.8bln of 3-month Jul 11, 2019 TC, and
E1.8bln of 12-month Mar 12, 2020 TC. On Wednesday, Greece sells new 12-month Mar
13, 2020 bills for E0.625bln. And finally, on Thursday morning, Ireland
concludes the week of bill sales, with details TBA.
- CASH FLOW: With E12.3bln in redemptions next week (mainly France and Italy),
net cash flow will come in at positive E4.2bln, vs negative E4.8bln this week.

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