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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 E13.14bln allocated by the Netherlands, France, Spain, ESM and
Portugal vs E20.9bln last week. 
- RECAP: To recap issuance for this week, on Monday the Netherlands allotted
E1.58bln in a re-opening of Sep 29, 2018 DTC. In the afternoon France allotted
E3.294bln of a new 3-month BTF, E1.096bln tap of 6-month BTF and E995mln tap of
a 12-month BTF. On Tuesday Spain allotted E735mln in 3-month Letra and E1.765bln
in 9-month Letra. While the ESM allotted E1.922bln in 6-month Bills. On
Wednesday Portugal re-opened Jan 18, 2019 T-bill for E400mln and launched a new
12-month T-bill for E1.35bln.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E3.632bln, Portugal E2.937bln, and ESM E2bln turning net cash flow positive to
the tune of E4.6bln vs -E7.4bln last week.
- SCHEDULE: Issuance next week is estimated to be little changed at around
E13.5bln with supply from Germany, France and Italy.

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