Eurozone T-bill issuance...>

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

E9.7bln this week versus E11.386bln issued last week, with the Netherlands,

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

- SUPPLY: Up first on Monday, the Netherlands issue a new 6-month Mar 29, 2018

DTC for between E1.0-E2.0bln. In the afternoon France tap 3-month Dec 28, 2017

BTF for between E2.2-E2.6bln and issue a new 6-month Mar 14, 2017 BTF for

between E1.2-E1.6bln. On Tuesday, Belgium re-open 3-month Jan 11, 2018 T-bill

and 6-month Mar 8, 2018 T-bill for between E1.3-E1.7bln. The ESM then issue a

new 3-month Jan 11, 2018 Bill for E1.5bln. Then on Wednesday Greece issue a new

26-week Apr 10, 2018 T-bill for E875mln.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.78bln,

Greece E1.4bln, and the ESM E1.498bln turning net cash flow positive to the tune

of E20mln vs -E6.69bln last week.

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

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