Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this

week with E14.391bln allocated by the Netherlands, France, Spain, ESM, Portugal

and Ireland versus E22.103bln issued last week. 

- RECAP: To recap issuance for this week, on Monday the Netherlands allotted

E1.04bln in 3-month DTC and E1.47bln 6-month DTC. In the afternoon France tapped

3-month BTF for E2.798bln, tapped 6-month BTF for E1.392bln and issued new

12-month BTF for E996mln. On Tuesday Spain allotted E570mln 3-month letra and

E2.375bln 9-month Letra. The ESM then sold E1.5bln in 6-month Bills. On

Wednesday Portugal re-opened 6-month T-bill for E500mln and issued new 12-month

T-bill for E1.25bln. On Thursday Ireland issued new 12-month T-bill for E500mln.

- REINVESTMENT FLOWS: Redemptions this week are due from France E6.394bln,

Ireland E0.5bln and Portugal E3.465bln, turning net cash flow positive to the

tune of E4.03bln vs -E12.65bln last week.

- SCHEDULE: Issuance next week is estimated to fall to E11.7bln with supply from

France and Italy.