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EUROZONE T-BILL ISSUANCE: / ESM BILL AUCTION PREVIEW: The European Stability
Mechanism (ESM) issue a new 3-month Dec 7, 2017 Bill for up to E1.5bln on
- RV: The grey market for the new 3-month Dec 7, 2017 Bill is indicating a
mid-yield of around -0.545%, which is in the region of a 1bp premium versus the
Nov 9, 2017 Bill and is -18.7bps vs Eonia. There will be a ESM Bill redemption
of E1.499bln this week, leaving net cash flow positive to the tune of E1mln
which is seen underpinning demand.
- HISTORY: For comparison at the last 3-month Bill issued on Aug 8, the ESM sold
E1.4986bln at an average yield -0.6608% and cover of 4.4 times. Prior to that,
on Jul 4 auction, the ESM sold E1.4979bln at an average yield of -0.6215% and
bid-to-cover of 5.1 times.
- TIMING: The auction will close at 1030GMT, with results announced by Germany's
Bundesbank shortly afterwards.