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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to fall to
E13.1bln this week versus E18.4bln issued last week. Germany, France, Spain and
Portugal are scheduled to come to the market.
ISSUANCE: Supply comes from Germany on Monday with the sale of E2bln of the new
6-month Feb 14 Bubill. Later the same day, France sells a new 3-month Nov 15,
2017 BTF for between E2.7-E3.1bln, taps the 6-month Jan 17, 2017 BTF for between
E1.2-E1.6bln and taps 12-month Jul 18, 2018 BTF for between E0.6-E1.0bln. On
Wednesday, Spain issues 6m and 12m bills, with approximate sizes of E0.7bln and
E3.75bln respectively. Wednesday also brings 3m (17 Nov) and 11m (20 Jul)
Portuguese auctions for between E0.75-1.0bln.
CASHFLOWS: In terms of reinvestment flows, T-bill redemptions reach E21.9bln
this week and are due from Italy E6.6bln, Germany E2bln, Spain E8.2bln and
France E5.1bln, turning net cash flow negative to the tune of E8.8bln.

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