Eurozone T-bill issuance...>

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

week with E19.321bln allocated by the Netherlands, France, Spain, Belgium, ESM

and Greece versus E15.453bln issued last week. 

- RECAP: To recap issuance for this week, on Monday the Netherlands issued new

6-month DTB for E1.58bln. In the afternoon France allotted E3.698bln in tap of

3-month BTF, E1.692bln tap of a 6-month BTF and E1.498bln of a new 12-month BTF.

On Tuesday Spain allotted E440mln in 6-month Letra and E4.483bln of a new

12-month Letra. Belgium allotted E995mln in 4-month BTC and E1.802bln of a new

12-month BTC. The ESM the sold E1.9956bln in new 3-month Bills. On Wednesday

Greece issued new 13-week T-bill for E1.1375bln.

- REINVESTMENT FLOWS: T-bill 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 E3.65bln vs -E3.5bln

last week.

- SCHEDULE: Issuance next week is estimated to fall slightly to E18bln with

supply from the Germany, France, Spain, Italy, Greece and Ireland.