EUROZONE ISSUANCE:.........>

EUROZONE T-BILL ISSUANCE: EUROZONE ISSUANCE: Spain, Belgium and Italy all come

to the Eurozone T-bill issuance market Tuesday. Issuance is now estimated to

total E19.5bln versus E17.666bln issued last week.

- SUPPLY: Spain re-opens 3-mth Mar 9, 2018 Letra and 9-mth Sep 14, 2018 Letra

for E2.5-E3.5bln. Italy then issues a new 12-mth Dec 14, 2018 BOT for E4.75bln.

Belgium then re-open 3-month Mar 8, 2018 TC and issue new 12-mth Dec 13, 2018 TC

for between E1.7-E2.1bln. Still to come this week on Wednesday Greece issue new

13-week Mar 16, 2018 T-bill for E1.0bln. Finally on Thursday Ireland issue new

12-mth Dec 17, 2018 T-bill for E500mln.

- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted

E1.11bln of a 2.5-mth DTC and E1.18bln of a 5.5-mth DTC. In the afternoon France

allotted E3.499bln tap of a 3-mth BTF, E1.596bln tap of a 6-month BTF and

E1.0bln of a new 12-mth BTF. 

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France

E5.886bln, Germany 2.0bln, Greece E1.6bln, Belgium E4.565bln and Italy E4.75bln,

turning net cash flow positive to the tune of E735mln vs -E3.31bln last week.