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Despite a dearth of EGB....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Despite a dearth of EGB issuance next week, there are
several T-bill auctions planned. Spain, Netherlands, Finland and the ESM will
come to market with total issuance estimated at E8.1bln.
- ISSUANCE: The Netherlands will be the first to issue next week with a planned
tap of the 2-month Oct 31, 2019 DTC for E1.0-2.0bln on Monday. Spain will follow
up with a sale of 3-month and 9-month letras on Tuesday. On the same day Finland
aims to raise E1.0bln from a sale of 3-month Nov 12, 2019 bills and E0.5bln in
6-month Feb 12, 2020 bills. Finally, the ESM will cap the week with a E3.5bln
tap of 6-month bills.
- CASH FLOWS: There are E5.19bln in redemptions next week which will leave net
cash flow at E2.9bln for the week.
** For further details please see MNI Eurozone T-Bill auction calendar.

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