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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this
week with E18.254bln allocated by Italy, Germany, France, Spain, Greece and
Ireland versus E19.321bln issued last week. 
- RECAP: To recap issuance for this week, on Monday Italy issued new 12-month
BOT for E6.5bln. German re-opened its 6-month Bubill for E1.945bln. Then in the
afternoon France allotted E3.85bln of a new 3-month BTF, E1.897bln tap of a
6-month BTF and E1.394bln tap of a 12-month BTF. On Tuesday Spain allotted
E425mln in 3-month Letra and E930mln of a 9-month Letra. On Wednesday Greece
issued new 52-week T-bill for E812.5mln. On Thursday Ireland issued new 12-month
T-bill for E500mln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E5.841bln, Germany E2.0bln, Italy E6.5bln, Greece E1.6bln and Portugal
E2.531bln, turning net cash flow negative to the tune of E218mln vs -E3.65bln
last week.
- SCHEDULE: Issuance next week is estimated to fall to E12.7bln with supply from
the Netherlands, France, ESM and Portugal.

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