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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to fall to
E13.5bln this week versus E18.882bln issued last 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 this 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 last week.

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