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

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Estimated T-Bill issuance slows to a still-robust
E13.4bln this week, from E21.6bln last week.
- RECAP: On Monday, the Netherlands sold E2.47bln of DTC, including E1.30bln of
3-month Nov 30, 2019 and E1.17bln of the 6-month Feb 28, 2019. Also Monday,
France sold a total of E4.99bln in 3-/6-/12-month T-bills: E2.798bln of Dec 12
2018 BTF, E1.097bln of Feb 13 2019 BTF, and E1.095bln of Sep 11 2019 BTF.
- SUPPLY: On Tuesday, Spain re-opens 3-month Dec 7, 2018 Letra and 9-month Jun
14, 2019 Letra for between E1.5-2.5bln. 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. On Thursday, Ireland sells E500mln of new 12-month Sep
23, 2019 bills.
- REINVESTMENT FLOWS: Redemptions this week are set to total E5.1bln which will
leave cash flow positive by around E8.5bln, compared with net negative E6.4bln
last week. ** For full details of forthcoming issues, see Eurozone T-bill
auction calendar.

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