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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 E22.97bln allocated by Germany, France, Belgium, Spain, Italy, Ireland
and Greece vs E12.6bln last week. 
- RECAP: To recap issuance for this week, on Monday Germany issued new 6-month
DTC for E3bln. In the afternoon France allotted E2.995bln tap of a 3-month BTF,
E997mln of a new 6-month BTF and E798mln tap of a 12-month BTF. on Tuesday Spain
allotted E930mln in tap of 6-month Letras and E4.545bln in new 12-month Letras.
Italy sold E6bln news 12-month BOTs and Belgium allotted E1.21bln in tap of
3-month TCs and E1.182bln in new 12-month TCs. On Wednesday Greece issued new
52-week T-bill for E812.5mln. Finally on Thursday Ireland issued new 12-month
T-bill for E500mln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E8,24bln,
Italy E6.5bln, Spain E7.756bln and Belgium E2.003bln turning net cash flow
negative to the tune of E1.53bln vs -E1.2bln last week
- SCHEDULE: Issuance next week is estimated to fall to E12.5bln with supply from
the Netherlands, France, Spain, ESM and Portugal.

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