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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this
week with E9.441bln allocated by France, Spain and the ESM versus E14.448bln
issued last week. 
- RECAP: To recap issuance for this week, on Monday afternoon France allotted
E3.294bln tap of a 3-month BTF, E1.495bln of a new 6-month BTF and E1.197bln tap
of a 12-month BTF. On Tuesday Spain allotted E435mln in re-opening of 3-month
Letra and E1.02bln in re-opening of 9-month Letra. Also on Tuesday the ESM
allotted E2bln in 6-month Bills.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France France
E6.14bln and the ESM E1.5bln, turning net cash flow positive to the tune of
E1.8bln vs -E2.7bln last week.
- SCHEDULE: Issuance next week is estimated to increase to E15bln with supply
from France, Italy, Belgium and Greece.

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