Eurozone T-bill issuance...>

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

week with E17.666bln allocated by the Netherlands, France, Spain, Belgium, ESM

and Greece versus E11.49bln issued last week. 

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

E1.32bln of a 6 month DTC. In the afternoon France allotted E599mln of a 2-month

BTF, E3.398bln of a new 3-month BTF, E1.4bln tap of a 6-month BTF and E940mln

tap of a 12-month BTF. On Tuesday Spain allotted E935mln in a 6-month Letra and

E3.666bln in a new 12-month Letra. Belgium allotted E505mln in re-opening of

3-month TC and E480mln of a 6-month TC. The ESM then allotted E1.498bln in a new

3-month Bill. On Wednesday Greece sold E1.3bln 13-week T-bill and E1.625bln

26-week T-bill.

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

E8.412bln, Greece E3.6bln, Spain E7.466bln and ESM E1.498bln, turning net cash

flow negative to the tune of E4bln vs -E4.34bln last week.

- SCHEDULE: Issuance next week is estimated to increase to E19.5bln with supply

from the Netherlands, France, Spain, Belgium, Italy and Greece.