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Bill issuance this week....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Bill issuance this week is expected to total 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.
- ISSUANCE: Spain Tuesday sells a combined E4.0-5.0bln of re-opened 6-month Sep
13, 2019 Letra and new 12-month Mar 6, 2020 Letra. Also on Tuesday, Belgium
re-opens 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 E4.8bln, compared with negative E3.5bln last
week.

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