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EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this
week with E22.103bln allocated by Germany, France, Spain, Italy, Belgium and
Greece versus E11.963bln issued last week.
- RECAP: To recap issuance for this week, on Monday Germany allotted E1.663bln
in 6-month Bubill. In the afternoon France issued new 3-month BTF for E2.996bln,
tapped 6-month BTF for E1.493bln and tapped 12-month BTF for E560mln. On Tuesday
Spain allotted E595mln in 6-month Letra and E4.491bln in new 12-month Letra.
Italy sold 6.5bln in a new 12-month BOT. While Belgium re-opened 3-month T-bill
for E904mln and issued new 12-month T-bill for E1.601bln. On Wednesday Greece
issued a new 13-week T-bill for E1.3bln.
- REINVESTMENT FLOWS: Redemptions this week are due from France E12.721bln,
Germany E2.0bln, Belgium E3.925bln, Spain E7.76bln, Italy E6.75bln and Greece
E1.6bln, turning net cash flow negative to the tune of E12.65bln vs +E8.86bln
- SCHEDULE: Issuance next week is estimated to fall to E13.5bln with supply from
the Netherlands, France, Spain, ESM, Portugal and Ireland