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EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this
week with E12.293bln allocated by The Netherlands, France, ESM and Portugal
versus E18.254bln issued last week.
- RECAP: To recap issuance for this week, the Netherlands reopened 2.5-month DTC
for E1.16bln and 5.5-month DTC for E1.13bln. In the afternoon France allotted
E3.896bln tap of a 3-month BTF, E1.597bln of a new 6-month BTF and E1.295bln tap
of a 12-month BTF. On Tuesday the ESM allotted E1.965bln in a new 6-month Bill.
On Wednesday Portugal allotted E350mln in tap of 6-month T-bill and E900mln in
issue of a new 12-month T-bill.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E3.565bln, Ireland E0.5bln and ESM E1.5bln, turning net cash flow positive to
the tune of E6.73bln vs -E0.22bln last week.
- SCHEDULE: Issuance next week is estimated to be little changed at E6.5bln with
supply from the France and Italy.