Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to tick lower to

E11bln this week versus E12.8bln issued last week, with the Netherlands, France,

Belgium, ESM and Greece scheduled to come to the market. 

- SUPPLY: The Netherlands is up first with launch of a new 6-month Feb 28, 2018

DTC for between E1.0-E2.0bln. In the afternoon France taps 3-month Nov 29, 2017

BTF for between E2.6-E3.0bln, issues new 6-month Feb 14, 2017 BTF for between

E1.2-E1.6bln and taps 12-month Aug 15, 2018 BTF for between E0.6-E1.0bln. On

Tuesday Belgium tap 3-month Dec 14, 2017 T-bill and 6-month Feb 8, 2018 T-bill

for between E1.4-E1.8bln. The ESM then issue a new 3-month Dec 7, 2017 T-bill

for E1.5bln. Greece then concludes T-bill issuance on Wednesday with a new

13-week Dec 8, 2017 T-bill for E1.0bln.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from Greece E1.6bln

and the ESM E1.499bln, turning net cash flow positive to the tune of E7.9bln vs

-E3.9bln last week.

** For full details of forthcoming issues, please see Eurozone T-bill auction

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