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EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to increase to
E17.9bln this week versus E15.453bln issued last week, with the Netherlands,
France, Spain, ESM, Greece and Belgium scheduled to come to the market.
- SUPPLY: The Netherlands kicks off issuance on Monday with launch of a new
6-month Aug 31, 2018 DTC for between E1.0-E2.0bln. Then in the afternoon France
tap 3-month May 30, 2018 BTF for between E3.3-E3.7bln, tap 6-month Aug 1, 2018
BTF for between E1.3-E1.7bln and issue new 12-month Feb 27, 2019 BTF for between
E1.1-E1.5bln. On Tuesday Spain re-open 6-month Sep 14, 2018 Letra and issue new
12-month Mar 8, 2019 Letra with size announced on Monday, but expected to be for
up to E4.5bln. Belgium then re-open 4-month Jul 12, 2018 T-bill and issue new
12-month Mar 7, 2019 T-bill for a combined amount of between E2.6-E3.0bln. The
ESM then issue new 3-month Jun 7, 2018 Bill for E2.0bln. Finally on Wednesday
Greece is expected to issue new 13-week Jun 15, 2018 T-bill for E1bln.
- REINVESTMENT FLOWS: Redemptions this week are due from France E7.442bln,
Belgium E3.735bln, Spain E8.691, Greece E1.6bln and the ESM E1.498bln, turning
net cash flow negative to the tune of E5.1bln vs +E4.2bln last week.