Eurozone T-bill issuance...>

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

to E12bln this week versus E14bln issued last week, with the Netherlands,

France, ESM, Belgium and Greece scheduled to come to the market. 

- SUPPLY: First up on Monday, the Netherlands launch a new 6-month Jul 31, 2018

DTC for between E1.0-E2.0bln. In the afternoon France tap 3-month May 3, 2018

BTF for between E2.9-E3.3bln, tap 6-month Jul 4, 2018 BTF for between

E1.1-E1.5bln and issue new 12-month Jan 30, 2019 BTF for between E0.9-E1.3bln.

On Tuesday Belgium re-open 4-month Jun 16, 2018 T-bill and 12-month Jan 10, 2019

T-bill for a combined amount of between E1.4-E1.8bln. The ESM then issue new

3-month May 10, 2018 Bill for up to E2bln. Greece then completes issuance on

Wednesday with issue of a new 13-week May 11, 2018 T-bill for E875mln.

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

E6.063bln, Belgium E2.984bln, ESM E1.498bln and Greece E1.4bln, turning net cash

flow positive to the tune of E55mln vs -E5.7bln last week.

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

calendar