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EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this
week with E19.969bln allocated by the Netherlands, France, Belgium, ESM, Italy
and Greece versus E9.419bln issued last week.
- RECAP: To recap issuance for this week, on Monday the Netherlands allotted
E1.38bln of a new 6-month DTC. In the afternoon France allotted E3.397bln tap of
a 3-month BTF, E1.05bln tap of a 6-month BTF and E1.3bln of a new 12-month BTF.
On Tuesday Belgium allotted E620mln in 4-month BTC and E1.91bln in new 12-month
BTC. The ESM then allotted E1.99bln in new 3-month Bills. On Wednesday Italy
launched a new 12-month BOT for E7.5bln and Greece allotted E813mln of a new
- REINVESTMENT FLOWS: T-bill redemptions this 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 E2.5bln vs
+E7.4bln last week.
- SCHEDULE: Issuance next week is estimated to fall to E14bln with supply from
the Netherlands, France, Spain and Portugal.