Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to increase to

E19.1bln next week versus E9.4bln issued this week, with the Netherlands,

France, Belgium, Italy, ESM and Greece scheduled to come to the market. 

- SUPPLY: First up on Monday will be the Netherlands with issue of a new 6-month

Jun 29, 2018 DTC for between E1.0-E2.0bln. In the afternoon France tap 3-month

Apr 5, 2018 BTF for between E3.0-E3.4bln, tap of 6-month Jun 20, 2018 BTF for

between E0.8-E1.2bln and issue a new 12-month Jan 4, 2019 BTF for between

E0.9-E1.3bln. On Tuesday Belgium re-open a 4-month May 10, 2018 TC and issue new

12-month Jan 10, 2019 for between E2.3-E2.7bln. The ESM then issue new 3-month

Apr 5, 2018 Bill for up to E2.0bln. On Wednesday Italy issue new 12-month Jan

14, 2019 BOT with size announced on Friday evening but expected to be for up to

E6.5bln. Greece then issue a new 13-week Apr 13, 2018 T-bill for E625mln.

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

E6.341bln, Germany E2.0bln, Belgium E3.889bln, Italy E7.7bln, ESM E1.497bln and

Greece E1.0bln, turning net cash flow negative to the tune of E3.3bln vs

+E7.4bln this week.