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/ ESM BILL PREVIEW: The....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: / ESM BILL PREVIEW: The European Stability Mechanism
(ESM) issue a new 6-month Feb 22, 2018 Bill for E1.5bln on Tuesday.
- RV: The Grey market is indicating a mid-yield of around -0.534% which is a
spread of -17.7 versus EONIA according to Tradeweb and currently is only a 0.1bp
discount versus the old 6-month Jan 25, 2018 Bill.
- HISTORY: For comparison at the last 6-month Bill issued on Jul 18, the ESM
sold E1.5bln at an average yield -0.596% and cover of 4.7 times. Prior to this,
on Jun 20 auction, the ESM sold E1.49405bln at an average yield of -0.6063% and
bid-to-cover of 5.4 times. 

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