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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 Apr 19, 2018 Bill for E1.5bln on Tuesday.
- RV: The Grey market is indicating a mid-yield of around -0.575% which is a
spread of -21.91 versus EONIA according to Tradeweb and currently is a 1.1bp
premium versus the old 6-month Mar 22, 2018 Bill.
- HISTORY: For comparison at the last 6-month Bill issued on Sep 19, the ESM
sold E1.5bln at an average yield -0.6245% and cover of 4.7 times. Prior to this,
on Aug 22 auction, the ESM sold E1.4844bln at an average yield of -0.628% and
bid-to-cover of 4.2 times. 
- TIMING: The auction will close at 1030GMT, with results announced by Germany's
Bundesbank shortly afterwards.

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