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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to fall to
E13.4bln next week versus E16.605bln issued this week, with Germany, France,
Spain and Portugal scheduled to come to the market. 
- SUPPLY: On Monday Germany issue a new 6-month May 16, 2018 Bubill for up to
E2.0bln. In the afternoon France tap 3-month Feb 7, 2018 BTF for between
E2.4-E2.8bln, tap 6-month Apr 11, 2018 BTF for between E0.8-E1.2bln and launch a
new 12-month Nov 7, 2018 BTF for between E1.1-E1.5bln. On Tuesday, Spain re-open
6-month May 11, 2018 Letra and issue a new 12-month Nov 16, 2018 Letra with size
announced on Monday but expected to be for E5.0bln. Finally on Wednesday,
Portugal re-open 6-month May 18, 2018 T-bill and issue a new 12-month Nov 16,
2018 T-bill for a combined amount of between E1.25-E1.50bln.
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France
E6.446bln, Germany E2.0bln, Spain E7.243bln, Italy E6.0bln and Portugal
E2.197bln, turning net cash flow negative to the tune of E10.5bln vs +E3.5bln
this week.

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