Eurozone T-bill issuance...>

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

week with E14.448bln allocated by the Netherlands, France, Spain and Portugal

versus E19.969bln issued last week. 

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

E1.59bln tap of a 3-month DTC and E1.26bln tap of a 6-month DTC. In the

afternoon France allotted E3.394bln in a new 3-month BTF, E1.196bln tap of a

6-month BTF and E1.093bln tap of a 12-month BTF. On Tuesday Spain allotted

E590mlkn in re-opening of 6-month Letra and E3.575bln in new 12-month Letra. On

Wednesday Portugal allotted E500mln in re-opening of 6-month T-bill and E1.25bln

of a new 12-month T-bill.

- 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 E2.7bln vs +E2.46bln last week.

- SCHEDULE: Issuance next week is estimated to fall to E10bln with supply from

France, Spain and the ESM.