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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 E20.9bln allocated by Germany, France, Spain, Belgium, Italy and
Greece vs E11.66bln last week. 
- RECAP: To recap issuance for this week, on Monday Germany allotted E1.56bln in
a tap of Dec 5, 2018 Bubill. In the afternoon France allotted E2.997bln tap of
3-month BTF, E996mln of a new 6-month BTF and E793mln tap of a 12-month BTF. On
Tuesday Spain allotted E555mln 6-month Letra and E4.175bln of a new 12-month
Letra. Belgium then allotted E1.14bln in 4-month T-bills and E1.86bln in a new
12-month T-bill. On Wednesday Italy sold E6bln 12-month BOT and Greece launched
a new 13-week T-bill for E812.5mln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E7.38bln,
Belgium E5.997bln, Spain E7.1bln, Greece E1bln and Italy E6.75bln turning net
cash flow negative to the tune of E7.36bln vs +E1.33bln last week.
- SCHEDULE: Issuance next week is estimated to fall to around E12bln with supply
from the Netherlands, France, Spain and ESM.

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