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Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance is expected to fall to
E12.5bln next week versus E18.254bln issued this week, with the Netherlands,
France, ESM and Portugal scheduled to come to the market. 
- SUPPLY: The Netherlands kicks off issuance on Monday with re-opening of 
2.5-month May 31, 2018 DTC for between E1.0-E2.0bln and 5.5-month Aug 31, 2018
DTC for between E1.0-E2.0bln. In the afternoon France tap 3-month Jun 13, 2018
BTF for between E3.5-E3.9bln, issue new 6-month Aug 29, 2018 BTF for between
E1.2-E1.6bln and tap 12-month Feb 27, 2019 BTF for between E0.9-E1.3bln. On
Tuesday the ESM issue new 6-month Sep 20, 2018 Bill for up to E2.0bln. On
Wednesday Portugal re-open 6-month Sep 21, 2018 and launch a new 12-month Mar
22, 2019 T-bill for a combined amount of between E1.25-E1.5bln.
- REINVESTMENT FLOWS: T-bill redemptions next week are due from France
E3.565bln, Ireland E0.5bln and ESM E1.5bln, turning net cash flow positive to
the tune of E6.9bln vs -E0.2bln this week.
** For full details of forthcoming issues, please see Eurozone T-bill auction
calendar

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