Eurozone T-bill issuance...>

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

week with E19.258bln allocated by Germany, France, Spain, Belgium, Italy and

Greece versus E9.949bln issued last week. 

- RECAP: To recap issuance for this week, on Monday German allotted E1.015bln in

new 6-month Bubill. In the afternoon France allotted E2.591bln in re-opening of

3-month BTF and E1.594bln in a new 6-month BTF. On Tuesday Spain allotted

E860mln in re-opening of 6-month Letra and E4.08bln in a new 12-month Letra.

Belgium then re-opened 3-month T-bill for E601mln and issued new 12-month T-bill

for E1.501bln. On Wednesday Italy sold E6bln of a new 12-month BOT, while Greece

sold E812.5mln of a new 13-week T-bill.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France

E6.152bln, Greece E1bln, Germany E2.0bln, Spain E8.677bln, Belgium E3.56bln and

Italy for E6.25bln turning net cash flow negative to the tune of E8.38bln vs

+E270mln last week.

- SCHEDULE: Issuance next week is estimated to fall to E11.5bln with supply from

the Netherlands, France, Spain, ESM and Portugal.