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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this
week with E12.577bln allocated by Germany, France, Spain and Portugal versus
E18.918bln issued last week. 
- RECAP: To recap issuance for this week, on Monday Germany issued new 6-month
Bubill for E1.417bln. In the afternoon France issued new 3-month BTF for
E3.095bln, tapped 6-month BTF for E1.597bln and tapped 12-month BTF for
E0.998bln. On Wednesday Spain re-opened 6-month Letra for E690mln and issued new
12month Letra for E3.78bln. Also on Wednesday Portugal re-opened 3-month T-bill
for E250mln and 11-month T-bill for E750mln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from E5.088bln,
Germany E2.0bln, Spain E8.268bln and Italy E6.6bln, turning net cash flow
negative to the tune of E9.38bln vs +E5.53bln last week.
- SCHEDULE: Issuance next week is estimated to fall to E11.5bln with supply from
the Netherlands, France, Spain and ESM.

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