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Four Eurozone issuers......>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Four Eurozone issuers will sell an estimated total of
E10.3bln in bills next week, versus E17.8bln sold this week. The Netherlands,
France, the ESM, and Portugal are each coming to market.
- ISSUANCE: The Netherlands opens the week`s bill issuance on Monday, selling
E1.0-2.0bln of 3-month Jun 27, 2019 DTC, and E1.0-2.0bln of 6-month Sep 30, 2019
DTC. On Monday afternoon, France sells 3-/6-/12-month bills as usual:
E2.2-2.6bln of Jul 10, 2019 BTF, E0.7-1.1bln of Sep 25, 2019 BTF, and
E0.9-1.3bln of Mar 25, 2020 BTF. On Tuesday, the ESM sells E2bln of new 6-month
Oct 24, 2019 bills. Then on Wednesday, Portugal wraps things up ahead of the
Easter holidays, selling a combined E1.0-1.25bln of 3-month Jul 19, 2019 BT and
12-month Mar 20, 2020 BT.
- CASH FLOW: Redemptions of E8.1bln are due next week (France E6.1bln and ESM
2.0bln), leaving net cash flow at positive E2.2bln, versus flat this week.

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