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BONDS

US and Germany at session highs

EQUITIES

Stock Markets Drifting Ahead of Opening Bell

US TSY OPTIONS

Post-Open Downside Insurance

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

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Estimated T-Bill issuance is estimated at E12.7bln
this 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, compared with
positive E8.3bln last week.
 ** For full details of forthcoming issues, see Eurozone T-bill auction
calendar.