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EUROZONE T-BILL............>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: EUROZONE T-BILL ISSUANCE: Issuance this week will
total E21.3bln, with seven countries coming to market, vs issuance of E11.0bln
last week.
- RECAP: Germany allotted E1.44bln of 6-month Feb 12, 2020 Bubills on Monday.
France followed with a sale of 3-month Dec 11, 2019 BTFs, 6-month Feb 12, 2020
BTFs and 12-month Aug 12, 2020 BTFs.
- ISSUANCE: On Tuesday, Spain sells 6- and 12-month Letra, amount TBA but MNI
estimates between E4-5bln. Also Tuesday, Belgium sells a combined E2.4-2.8bln of
4-month and 12-month TCs, and Slovenia sells 3- and 12-month T-bills, amount TBA
- MNI estimates E0.1bln total.
- On Wednesday, Italy sells E6.5bln of 12-month BOT, then Greece concludes
weekly issuance by selling E0.625bln of 12-month bills.
- CASH FLOWS: E25.3bln in bill maturities this week (the 3rd-highest weekly
total of the year) led by France, Belgium, Spain and Italy will leave net cash
flow at negative E4bln, vs positive E5.5bln last week.
** For further details please see MNI T-Bill Issuance Calendar.

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