Eurozone T-bill issuance...>

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

E13.5bln next week versus E18.882bln issued this week, with the Netherlands,

France, Spain, ESM and Portugal scheduled to come to the market. 

- SUPPLY: The Netherlands kicks off issuance on Monday with re-opening of

3-month Apr 30, 2018 DTC for between E1.0-E2.0bln and 6-month Jul 31, 2018 DTC

for between E1.0-E2.0bln. Then in the afternoon France tap 3-month May 16, 2018

BTF for between E2.9-E3.3bln, issue new 6-month Aug 1, 2018 BTF for between

E1.2-E1.6bln and 12-month Jan 30, 2019 BTF for between E1.1-E1.5bln. On Tuesday

Spain re-open 3-month May 11, 2018 Letra and 9-month Feb 15, 2019 T-bill with

size announced on Monday but expected to be for up to E2bln. Also on Tuesday the

ESM launch a new 6-month Aug 23, 2018 Bill for E2bln. Finally on Wednesday

Portugal re-open 3-month May 18, 2018 T-bill and 11-month Jan 18, 2018 T-bill

for a combined amount of between E1.0-E1.25bln.

- REINVESTMENT FLOWS: T-bill redemptions next week are due from France E7.516bln

and the ESM E1.484bln, turning net cash flow positive to the tune of E4.65bln vs

-E4.3bln this week.