Eurozone T-bill issuance...>

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

week with E13.231bln allocated by the Netherlands, France, Spain, ESM, and

Portugal versus E19.258bln issued last week. 

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

E1.28bln in 6-month DTC. In the afternoon France allotted E3.095bln in

re-opening of 3-month BTF, E1.396bln of a 6-month BTF and E996mln of a new

12-month BTF. On Tuesday Spain allotted E1.29bln in re-opening of 3-month Letra

and E2.5bln in a 9-month Letra. The ESM then issued a new 6-month Bill for

E1.424bln. On Wednesday Portugal allotted E300mln in re-opening of a 3-month

T-bill and E950mln in re-opening of 11 month T-bill. 

- 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 E2.1bln vs -E8.38bln last week. 

- SCHEDULE: Issuance next week is estimated to fall to E11.0bln with supply from

France and Italy.