Eurozone T-bill issuance...>

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

to E11bln next week versus E14.448bln issued this week, with France, Spain and

the ESM scheduled to come to the market. 

- SUPPLY: First up on Monday afternoon France tap 3-month Apr 18, 2018 BTF for

between E2.9-E3.3bln, issue new 6-month Jul 4, 2018 BTF for between E1.1-E1.5bln

and tap 12-month Jan 4, 2019 BTF for between E0.8-E1.2bln. On Tuesday Spain

re-open a 3-month Apr 6, 2018 Letra and 9-month Oct 12, 2018 Letra with size

announced on Monday but expected to be for up to E3.5bln. Also on Tuesday the

ESM issue a new 6-month Jul 19, 2018 Bill for up to E2bln.

- REINVESTMENT FLOWS: T-bill redemptions next week are due from France E6.14bln

and the ESM E1.5bln, turning net cash flow positive to the tune of E3.36bln vs

-2.7bln this week.

** For full details of forthcoming issues, please see Eurozone T-bill auction

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