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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to fall slightly
to E11bln this week versus E12.577bln issued last week, with the Netherlands,
France, Spain and ESM scheduled to come to the market.
- SUPPLY: The Netherlands is scheduled to come to the market first on Monday
with re-opening of 3-month Oct 31, 2017 DTC for between E1.0-E2.0bln. In the
afternoon France tap 3-month Nov 15, 2017 BTF for between E2.6-E3.0bln, 6-month
Jan 17, 2017 BTF for between E0.9-E1.3bln and issue new 12-month Aug 15, 2018
BTF for between E0.8-E1.2bln. On Tuesday Spain re-open 3-month Nov 17, 2017
Letra and 9-month May 11, 2018 Letra with size announced on Monday but expected
to be for up to E3.5bln. The ESM then issue new 6-month Feb 22, 2018 Bill for
E1.5bln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E7.553bln
and Germany E1.5bln, turning net cash flow positive to the tune of E2bln vs
-E9.38bln last week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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