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

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Estimated T-Bill issuance is estimated at E12.7bln
next week, with Germany, France and Italy coming to market - down slightly from
E13.7bln last week.
- SUPPLY: Germany kicks off issuance Monday morning, re-opening 6-month Dec 15,
2018 Bubill for E2.0bln. On Monday afternoon, France re-opens 3-month Dec 12,
2018 BTF for between E2.6-3.0bln, re-opens 6-month Feb 13, 2019 BTF for between
E0.6-1.0bln, and 12-month Sep 11, 2019 BTF for between E0.5-0.9bln. Finally, on
Thursday, Italy re-opens 6-month Mar 29, 2019 BOT for E6.0bln.
- REINVESTMENT FLOWS: Maturing bills from France (E4.8bln), Italy (E6bln), the
Netherlands (E4.5bln), and Ireland (E0.5bln) will return an estimated E15.8bln
to market, leaving net cash flow negative to the tune of E3.1bln.
 ** For full details of forthcoming issues, see Eurozone T-bill auction
calendar.

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