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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: / ESM BILL PREVIEW: The European Stability Mechanism
(ESM) issues a new 6-month Feb 21, 2019 Bill for E2.0bln on Tuesday.
- RV: According to Tradeweb the grey market is indicating a mid-yield of around
-0.50% which is a spread of -14.3bps versus EONIA and currently a pick up of
2bps versus the old 6-month Jan 24, 2019 Bill.
- HISTORY: For comparison, at the last 6-month Bill issue on Jul 17, the ESM
sold E1.922bln at an average yield -0.5597% and cover of 2.4 times. Prior to
this, at the Jun 19 auction, the ESM sold E1.981bln at an average yield of
-0.5805% and bid-to-cover of 3.2 times.
- TIMING: The auction will close at 1030GMT, with results announced by Germany's
Bundesbank shortly afterwards.

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