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Eurozone bill issuance.....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone bill issuance this week is expected to total
E10.8bln Vs E19.7bln last week. 
The Netherlands, France, Spain, ESM, and Portugal are all expected to come to
market. 
- ISSUANCE: Issuance begins on Monday morning when the Netherlands tap the Feb
20 2019, and Apr 30 2019 DTCs for a combined E1.0-2.0bln. Later Monday France
will tap the May 15 2019, Jul 31 2019, and Jan 29 2020 BTFs for a combined
E3.5-4.7bln. 
Tuesday is kicked off when Spain 3 and 9-month Letras, the size and issue of the
auction will be announced on Monday. Tuesday afternoon sees the ESM tap Aug 22
2019 bill for E2.0bln. 
Bill issuance is wrapped up for the week when Portugal tap the May 17 2019, and
Jan 17 2020 bills for E1.0-1.25bln.     
- CASH FLOWS: With E8.9bln in redemptions due this week, cash flow will come in
at an estimated positive E1.8bln, versus negative E3.9bln last week.

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