Eurozone T-bill issuance...>

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

to E14bln this week versus E19.969bln issued last week, with the Netherlands,

France, Spain and Portugal scheduled to come to the market. 

- SUPPLY: First up on Monday will be the Netherlands with re-opening of

2.5-month Mar 29, 2018 DTC and 5.5-month Jun 29, 2018 DTC for between

E1.0-E2.0bln each. In the afternoon France issue new 3-month Apr 18, 2018 BTF

for between E3.0-E3.4bln, tap 6-month Jun 20, 2018 BTF for between E0.8-E1.2bln

and 12-month Jan 4, 2019 BTF for between E0.7-E1.1bln. On Tuesday Spain re-open

a 6-month Jul 13, 2018 Letra and issue new 12-month Jan 18, 2019 Letra with size

announced on Monday but expected to be for up to E4.5bln. On Wednesday Portugal

re-open 6-month Jul 20, 2018 T-bill and issue new 12-month Jan 18, 2019 T-bill

for a combined total of between E1.5-E1.75bln.

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

E5.974bln, Spain E7.706bln and Portugal E3.466bln, turning net cash flow

negative to the tune of E7.64bln vs +E2.46bln last week.