Eurozone T-bill issuance...>

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

week with E9.419bln allocated by the Belgium, France and Greece versus E6.5bln

issued last week. 

- RECAP: To recap issuance for this week, on Tuesday Belgium allotted E1.135bln

of a 4-mth BTC and E1.05bln of a 6-mth BTC. In the afternoon France allotted

E2.994bln in a new 3-mth BTF, E1.44bln tap of a 6-month BTF and E1.175bln tap of

a 12-mth BTF. On Wednesday Greece sold E1.625bln of a 26-week T-bill.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from Greece only for

E2.0bln, turning net cash flow positive to the tune of E7.4bln vs -E5.84bln last

week.

- SCHEDULE: Issuance next week is estimated to rise sharply to E18.5bln with

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