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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to increase to
E18.4bln next week versus E8.405bln issued this week, with the Netherlands,
France, Belgium, ESM, Italy and Greece scheduled to come to the market. 
- SUPPLY: The Netherlands is scheduled to come to the market first on Monday
with tap of 6-month Jan 31, 2018 DTC for between E1.0-E2.0bln. In the afternoon
France tap 3-month Nov 1, 2017 BTF for between E2.8-E3.2bln, issue new 6-month
Jan 17, 2017 BTF for between E1.0-E1.4bln and tap 12-month Jul 18, 2018 BTF for
between E0.7-E1.1bln. On Tuesday Belgium re-open 3-month Nov 9, 2017 T-bill and
issue new 12-month Aug 9, 2018 T-bill for a combined total of between
E2.1-E2.5bln. The ESM then issue new 3-month Nov 9, 2017 Bill for E1.5bln. On
Wednesday, Greece issue a new 13-week Nov 10, 2017 T-bill for E875mln. Then on
Thursday Italy issue a new 12-month Aug 14, 2018 BOT with size announced on
Monday evening but expected to be for E6.5bln.
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France
E8.325bln, Belgium E3.667bln and Greece E1.4bln, turning net cash flow positive
to the tune of E5bln vs -E10.02bln this week.

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