Eurozone T-bill issuance...>

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

E16.8bln next week versus E7.486bln issued this week, with the Netherlands,

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

- SUPPLY: On Monday the Netherlands issue a new 6-month Apr 30, 2018 DTC for

between E1.0-E2.0bln. In the afternoon France issue new 3-month Feb 7, 2018 BTF

for between E2.6-E3.0bln, tap 6-month Apr 11, 2018 BTF for between E0.8-E1.2bln

and tap 12-month Oct 10, 2018 BTF for between E0.8-E1.2bln. On Tuesday, Belgium

re-open 3-month Feb 8, 2018 T-bill and issue a new 12-month Nov 8, 2018 T-bill

for a combined amount of between E1.5-E1.9bln. The ESM then issue a new 3-month

Feb 8, 2018 Bill for up to E1.5bln. On Wednesday Greece issue a new 13-month Feb

9 2018 T-bill for E875mln. Finally on Friday, Italy issue a new 12-month Nov 14,

2018 BOT with size announced on Tuesday but expected for up to E6.0bln.

- REINVESTMENT FLOWS: T-bill redemptions next week are due from France E6.44bln,

Belgium E3.722bln, ESM E1.499bln and Greece E1.4bln, turning net cash flow

positive to the tune of E3.7bln vs -E11.9bln this week.