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Despite a dearth of EGB....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Despite a dearth of EGB issuance this week, it has
been relatively busier on the T-bill front. All auctions for the week have now
been completed with E13.62bln raised.
- RECAP: The Netherlands was the first to issue this week with a sale of the
2-month Oct 31, 2019 DTC for E1.53bln on Monday. France sold E5.2bln in BTFs:
E2.50bln of 3-month Nov 14, 2019 BTFs, E1.40bln of 6-month Jan 15, 2020 BTFs and
E3.63bln of 12-month Aug 12, 2020 BTFs. Spain followed with sales of E2.02bln of
3-month letras and E1.03bln of 9-month letras on Tuesday. Finland tapped the
3-month Nov 12, 2019 for E0.93bln and the 6-month Feb 12, 2020 for E0.44bbln,
while the ESM sold E3.5bln in 6-month bills.
- CASH FLOWS: There are E5.19bln in redemptions this week which will leave net
cash flow at E8.43bln for the week.
** For further details please see MNI Eurozone T-Bill auction calendar.

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