Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this

week with E13.243bln allocated by the Netherlands, France, Spain, ESM and

Portugal versus E18.882bln issued last week. 

- RECAP: To recap issuance for this week, on Monday the Netherlands re-opened

2.5-month DTC for E1.28bln and 5.5-month DTC for E1.17bln. In the afternoon

France allotted E3.295bln in tap of 3-month BTF, E1.593bln of a new 6-month BTF

and E1.495bln tap of a 12-month BTF. On Tuesday Spain allotted E310mln in

3-month Letra and E1.0bln in 9-month Letra. While the ESM allotted E1.996bln in

6-month Bills. On Wednesday Portugal allotted E300mln in 3-month T-bills and

E800mln in 12-month T-bills.

- 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 E4.2bln vs

-E4.3bln last week.

- SCHEDULE: Issuance next week is estimated to be little changed at E13.2bln

with supply from Italy, France and Belgium.