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Following a bumper week....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Following a bumper week of issuance, next week will
see a reduced amount of supply. We estimate issuance of E11.3bln vs E21.0bln
this week.
- ISSUANCE: France will be the first to issue next week with three BTFs on
Monday. On offer are the 3-month Aug 7, 2019 for E2.1-2.5bln, the 6-month Oct
23, 2019 for E0.7-1.1bln and the 12-month Apr 22,2020 for E0.6-1.0bln. Germany
will follow with a tap of the 6-month Oct 16, 2019 for E2.0bln. Spain comes to
market on Tuesday to sell the 3-month Nov 10, 2019 and 9-month Apr 17, 2020,
with target amounts to be announced next week. Also on Tuesday, Slovenia will
sell the 3-month Aug 14, 2019, 6-month Nov 14, 2019 and the 12-month May 14,
2020 for E140mln. Belgium will tap the 3-month Sep 12, 2019 for E0.80bln and the
12-month May 14, 2020 for E1.60bln. Portugal will tap the 6-month Nov 22, 2019
and 12-month May 15, 2020 for E1.25-1.50bln on Wednesday.
- CASH FLOW: Decent sized redemptions next week of E9.1bln (Italy and Portugal)
will leave net cash flow at just E2.2bln versus an estimated E7.6bln this week.
** For full details, please see MNI Eurozone T-Bill auction calendar

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