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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 E13.8bln allocated by Germany, France, Spain and Portugal vs E17.15bln
last week. 
- RECAP: To recap issuance for this week, on Monday Germany launched a new
6-month Bubill for E3.0bln. In the afternoon France allotted E2.697bln in a new
3-month BTF, E1.499bln tap of 6-month BTF and E997mln in tap of a 12-month BTF.
On Tuesday Spain allotted E335mln in 6-month Letra and E4.231bln in 12-month
Letra. On Wednesday Portugal re-opened Nov 16, 2018 T-bill and Jul 19, 2019
T-bill for E250mln and E750mln respectively.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France E6.35bln,
Germany E7.0bln, Spain E7.886bln and Italy E6.692bln turning net cash flow
negative to the tune of E11.9bln vs +E5.18bln last week.
- SCHEDULE: Issuance next week is estimated to drop slightly to E11.0bln with
supply from the Netherlands, France, Spain and the ESM.

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