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EUROZONE T-BILL ISSUANCE: EUROZONE ISSUANCE: Eurozone T-bill issuance has been
completed for this week with E11.638bln allocated by Spain, the Netherlands,
France and ESM vs E8.834bln last week. 
- RECAP: To recap issuance for this week, on Tuesday Spain re-opened 3-month
Letra for E730mln and E1.22bln in a re-opening of a 9-month Letra. The
Netherlands then allotted E1.18bln in 2.5-month DTC and E1.11bln in 5.5-month
DTC. The ESM then sold E2.0bln in a 6-month Bill. In the afternoon France issued
new 3-month BTF for E3.199bln, tapped 6-month BTF for E1.199bln and tapped
12-month BTF for E1.0bln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.928bln
and ESM E1.493bln turning net cash flow positive to the tune of E3.22bln vs
-E10.15bln last week.
- SCHEDULE: Issuance next week is estimated to modestly rise to E13bln with
supply from Germany, France and Italy.

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