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Bill issuance this week....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Bill issuance this week is expected to total E10.9bln,
vs E13.8bln last week.
- ISSUANCE: The Netherlands begin weekly issuance on Monday, selling the new
6-month Aug 30, 2019 for between E1.0-2.0bln. Later on Monday, France sell
3-/6-/12-month BTFs. This includes between E2.2-2.6bln of 3-month May 29, 2019
BTF, E0.8-1.2bln of 6-month Jul 31, 2019 BTF, and E0.7-1.1bln of new 12-month
Feb 26, 2020 BTF. Belgium comes to market on Tuesday, re-opening May 9, 2019 TC
bills for E1.0bln, E0.8bln of 3-month Jul 11, 2019 TC bills and E0.8bln of
6-month Sep 12, 2019 TC bills. The ESM rounds off issuance for the week later
Tuesday, selling E2.0bln 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 E9.2bln, compared with negative E3.5bln last
week.

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