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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 E13.492bln allocated by Germany, France and Italy vs E11.638bln last
week. 
- RECAP: To recap issuance for this week, on Monday Germany re-opened Aug 15,
2018 Bubill for E2.0bln. In the afternoon France tapped Aug 22, 2018 BTF for
E3.395, Oct 24, 2018 BTF for E1.299bln and issued a new May 22, 2019 BTF for
E1.298bln. On Tuesday Italy issued new Nov 30, 2018 BOT for E5.5bln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E7.794bln, Italy E5.5bln and the Netherlands E3.63bln turning net cash flow
negative to the tune of E3.4bln vs +E3.2bln last week.
- SCHEDULE: Issuance next week is estimated to be little changed at E13bln with
supply from the Netherlands, France, Belgium, ESM and Greece.

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