Eurozone T-bill issuance...>

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

E12.5bln this week versus E19.258bln issued last week, with the Netherlands,

France, Spain, ESM and Portugal scheduled to come to the market. 

- SUPPLY: Up first on Monday, the Netherlands tap 6-month Mar 29, 2018 DTC for

between E1.0-E2.0bln. In the afternoon France tap 3-month Jan 10, 2018 BTF for

between E2.7-E3.1bln, tap 6-month Mar 14, 2018 BTF for between E1.0-E1.4bln and

issue a new 12-month Oct 10, 2018 BTF for between E0.6-E1.0bln. On Tuesday,

Spain re-open 3-month Apr 6, 2018 Letra and 9-month Oct 12, 2018 Letra with size

announced on Monday but expected to be for up to E3bln. The ESM then issue a new

6-month Apr 19, 2018 Bill for E1.5bln. On Wednesday Portugal re-open 3-month Jan

19, 2018 T-bill and 11-month Sep 21, 2018 T-bill for a combined amount of

between E1.0-E1.75bln.

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

E7.427bln, Portugal E2.197bln and ESM for E1.496bln turning net cash flow

positive to the tune of E1.63bln vs -E8.38mln last week.