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Bill issuance will rise....>

EUROZONE T-BILL ISSUANCE: Bill issuance will rise slightly next week to E12.7bln
from E11.2bln this week, though will remain below the E14.3bln weekly average in
2019. Germany, France, and Italy will be coming to market.
- ISSUANCE: Bill issuance begins Monday when Germany sells E2bln of 3-month Jun
19, 2019 Bubill. On Monday afternoon, France sells three BTFs for up to E4.8bln:
E2.2-2.6bln of 3-month Jun 26, 2019 BTF, E0.7-1.1bln of new 6-month Aug 28,
2019, and E0.7-1.1bln of 12-month Feb 26, 2020 BTF. On Wednesday, Italy
concludes bill issuance for the week, selling new 6-month Sep 30, 2019 BOT.
Target size is yet to be announced but MNI estimates E6bln.
- CASH FLOW: Next week's issuance is set to be nearly exactly offset by
scheduled redemptions of E13.7bln, which comprises E4.8bln from France, E6.0bln
from Italy, and E2.9bln from the Netherlands. This will leave cash flow at net
negative E1.0bln, versus positive E6.4bln this week.
** For full details, please see MNI Eurozone T-Bill auction calendar

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