Eurozone T-bill issuance...>

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

last week.

- SCHEDULE: Issuance next week is estimated to fall to E13.5bln with supply from

the Netherlands, France, Spain, ESM, Portugal and Ireland