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/ ESM BILL PREVIEW: The...........>

EUROZONE ISSUANCE
EUROZONE ISSUANCE: / ESM BILL PREVIEW: The European Stability Mechanism (ESM)
issue a new 6-month May 24, 2018 Bill for E1.5bln on Tuesday.
- RV: The Grey market is indicating a mid-yield of around -0.608% which is a
spread of -25.15 versus EONIA according to Tradeweb and currently a 0.2bp pick
up versus the old 6-month Apr 19, 2018 Bill.
- HISTORY: For comparison at the last 6-month Bill issued on Oct 17, the ESM
sold E1.236bln at an average yield -0.6606% and cover of 3.9 times. Prior to
this, on Sep 19 auction, the ESM sold E1.5bln at an average yield of -0.6245%
and bid-to-cover of 4.7 times. 
- TIMING: The auction will close at 1130GMT, with results announced by Germany's
Bundesbank shortly afterwards.

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