Eurozone T-bill issuance...>

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

week with E19.699bln allocated by the Netherlands, France, Spain, Belgium,

Italy, Ireland and Greece versus E17.666bln issued last week. 

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

E1.11bln of a 2.5-mth DTC and E1.18bln of a 5.5-mth DTC. In the afternoon France

allotted E3.499bln tap of a 3-mth BTF, E1.596bln tap of a 6-month BTF and

E1.0bln of a new 12-mth BTF. On Tuesday Spain allotted E1.0bln in 3-month Letra

and E1.887bln 9-month Letra. Italy sold a new 12-month BOT for E4.75bln and then

Belgium allotted E575mln in re-opening of 3-month TC and E1.301bln of a new

12-month TC. On Wednesday Greece sold E1.3bln of a 13-week T-bill. Finally on

Thursday Ireland issued new 12-month T-bill for E500mln.

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

E5.886bln, Germany 2.0bln, Greece E1.6bln, Belgium E4.565bln and Italy E4.75bln,

turning net cash flow positive to the tune of E900mln vs -E3.31bln last week.

- SCHEDULE: Issuance next week is estimated to fall sharply to E5bln with supply

from France only.