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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this
week with E14.277bln allocated by Germany, France, Spain and Portugal versus
E16.605bln issued last week.
- RECAP: To recap issuance for this week, on Monday Germany allotted E1.322bln
in a new 6-month Bubill. In the afternoon France allotted E2.795bln in tap of
3-month BTF, E1.194bln of a 6-month BTF and E1.496bln of a new 12-month BTF. On
Tuesday Spain allotted E1.27bln 6-month letra and E4.7bln of a new 12-month
Letra. On Wednesday Portugal allotted E400mln in re-opening of 6-month T-bill
and E1.1bln in a new 12-month T-bill.
- REINVESTMENT FLOWS: T-bill redemptions this 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 E9.61bln vs +E3.5bln
last week.
- SCHEDULE: Issuance next week is estimated to fall to E12bln with supply from
the Netherlands, France, Spain and ESM.

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