Eurozone T-bill issuance...>

EUROZONE T-BILL ISSUANCE: Eurozone T-bill issuance has been completed for this

week with E11.66bln allocated by the Netherlands, France, Belgium, ESM and

Greece vs E11.5bln last week. 

- RECAP: To recap issuance for this week, on Monday the Netherlands allotted

E1.55bln in a new 6-month DTC. In the afternoon France allotted E2.999bln of a

new 3-month BTF, E994mln tap of a 6-month BTF and E796mln tap of a 12-month BTF.

On Tuesday Belgium allotted E803mln in 4-month T-bills and E902mln in 6-month

T-bills. While the ESM allotted E1.99bln in 3-month Bills. on Wednesday Greece

launched a new 26-week T-bill for E1.625bln.

- REINVESTMENT FLOWS: T-bill redemptions this week are due from France

E6.333bln, Greece E2bln and ESM E2bln turning net cash flow positive to the tune

of E1.33bln vs -E5.8bln last week.

- SCHEDULE: Issuance next week is estimated to increase to around E20.5bln with

supply from Germany, France, Spain, Belgium, Italy and Greece