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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 E11.23bln allocated by the Netherlands, France, Spain and ESM versus
E12.577bln issued last week. 
- RECAP: To recap issuance for this week, on Monday the Netherlands re-opened
3-month DTC for E1.7bln. In the afternoon France taped 3-month BTF for
E2.993bln, tapped 6-month BTF for E1.297bln and issued new 12-month BTF for
E1.196bln. On Tuesday Spain re-opened 3-month Letra for E610mln and 9-month
Letra for E1.95bln. Also on Tuesday the ESM issued new 6-month Bill for
E1.484bln.
- REINVESTMENT FLOWS: Redemptions this week are due from France E7.553bln and
Germany E1.5bln, turning net cash flow positive to the tune of E2.18bln vs
-E9.38bln last week.
- SCHEDULE: Issuance next week is estimated to tick higher to E13bln with supply
from France, Italy and Greece.

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