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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this
week with E18.882bln allocated by Italy, Germany, France and Spain versus
E12.436bln issued last week. 
- RECAP: To recap issuance for this week, on Monday Italy launched a new
12-month BOT for E6.5bln and Germany issued a new 6-month Bubill for E2.285bln.
In the afternoon France allotted E3.3bln in a new 3-month BTF, E1.496bln tap of
a 6-month BTF and E1.295bln tap of a 12-month BTF. On Tuesday Spain allotted
E575mln in 6-month Letra and E3.431bln in launch of a new 12-month Letra. 
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E6.945bln, Germany E2bln, Italy E6.548bln and Spain E7.692bln, turning net cash
flow negative to the tune of E4.3bln vs +E490mln this week.
- SCHEDULE: Issuance next week is estimated to fall to E13.25bln with supply
from the Netherlands, France, Spain, ESM and Portugal

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