Trial now

Pullback Considered Corrective


Holding Above Recent Lows


BLOCK, Large 3Y Midcurve Put Condor

Estimated T-Bill...........>

EUROZONE T-BILL ISSUANCE: Estimated T-Bill issuance slows to a still-robust
E13.7bln this week, from E21.6bln last week.
- SUPPLY: The Netherlands kicks off issuance on Monday, re-opening 3-month Nov
30, 2019 DTC for E1.0-2.0bln, and 6-month Feb 28, 2019 DTC for E1.0-2.0bln.
Later on Monday, France re-open 3-month Dec 12, 2018 BTF for between
E2.4-2.8bln, 6-month Feb 13, 2019 BTF for between E0.7-1.1bln, and 12-month Sep
11, 2019 BTF for between E0.7-1.1bln. On Tuesday, Spain re-opens 3-month Dec 7,
2018 Letra and 9-month Jun 14, 2019 Letra, total amount TBA but MNI estimates up
to E2bln. Then on Tuesday, the ESM sells new 6-month Mar 21, 2019 bills for up
to E2bln. On Wednesday, Portugal re-opens 6-month Mar 22, 2019 T-bill and sells
new 12-month Sep 20, 2019 T-bill for a combined E1.50-1.75bln. Ireland is
scheduled to issue T-bills on Thursday, announcement due on Monday.
- REINVESTMENT FLOWS: Redemptions this week are set to total E5.1bln which will
leave cash flow positive by around E8.7bln, compared with net negative E6.4bln
last week.
** For full details of forthcoming issues, see Eurozone T-bill auction calendar.