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Estimated bill sales are...>

EUROZONE T-BILL ISSUANCE: Estimated bill sales are set to double to an estimated
E21.6bln this week from E10.4bln last week.
- RECAP: Germany kicked off issuance on Monday, selling E3.0bln of new 6-month
Apr 10, 2019 Bubill. Later on Monday, France sold a total of E4.796bln in
3-/6-/12-month T-bills, including E2.9bln of Jan 9, 2019 BTF, E1bln of Mar 13,
2019 BTF, and E0.9bln of Sep 11, 2019 BTF.
- SUPPLY: On Tuesday, Spain re-opens 6-month Apr 5, 2019 Letra, and sells new
12-month Oct 11, 2019 Letra, combined amount between 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 this 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 E5.9bln, compared with net positive E0.2bln
last week.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar

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