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Estimated bill sales are...>

EUROZONE T-BILL ISSUANCE: Estimated bill sales are set to nearly double to an
estimated E19.6bln next week from E10.4bln this week.
- SUPPLY: Germany kicks off issuance on Monday, selling E3.0bln of new 6-month
Apr 10, 2019 Bubill. Later on Monday, France re-opens 3-month Jan 9, 2019 BTF
for between E2.5-2.9bln, re-opens 6-month Mar 13, 2019 BTF for between
E0.6-1.0bln, and re-opens 12-month Sep 11, 2019 BTF for between E0.5-0.9bln. On
Tuesday, Spain re-opens 6-month Apr 5, 2019 Letra, and sells new 12-month Oct
11, 2019 Letra, combined amount TBA but MNI estimates E4.5bln. Also on Tuesday,
Belgium re-opens 12-month Sep 12, 2019 T-bill, for between E0.9-1.3bln. Finally,
Italy on Wednesday sells new 12-month Oct 14, 2019 BOT for E6bln.
- REINVESTMENT FLOWS: Bill redemptions next week are set to total E27.5bln
(highlighted by Germany E7bln and Spain and Italy around E6bln each) which will
leave cash flow negative by around E7.9bln, compared with net positive E0.2bln
this week.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar.

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