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Following a bumper week....>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Following a bumper week of issuance, this week will
see a reduced amount of supply. We estimate issuance of E11.8bln vs E21.0bln
last week.
- RECAP: France tapped three BTFs on Monday: the 3-month Aug 7, 2019 BTF for
E2.499, the 6-month Oct 23, 2019 BTF for E1.098bln and the 12-month Apr 22,2020
BTF for E0.920bln . Germany followed with a tap of the 6-month Oct 16, 2019
Bubill for E2.0bln.
- ISSUANCE: Spain comes to market on Tuesday to sell the 3-month Nov 10, 2019
letra and 9-month Apr 17, 2020 letra, with target amounts to be announced next
week. Also on Tuesday, Slovenia will sell the 3-month Aug 14, 2019 T-Bill,
6-month Nov 14, 2019 T-Bill and the 12-month May 14, 2020 T-Bill for E140mln.
Belgium will tap the 3-month Sep 12, 2019 TC for E0.80bln and the 12-month May
14, 2020 TC 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: Redemptions this week of E9.1bln will leave net cash flow at just
E2.2bln. ** For full details, please see MNI Eurozone T-Bill auction calendar.

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