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France and Italy are the...>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France and Italy are the only scheduled Eurozone bill
issuers set to come to market this week. MNI estimates E10.6bln in sales,
roughly the same as last week.
- ISSUANCE: On Tuesday, France sells up to E4.6bln in 3-/6-/12-month BTF:
E2.2-2.6bln of Jul 24, 2019 BTF, E0.6-1.0bln of Sep 25, 2019 BTF, and
E0.6-1.0bln of Mar 25, 2020 BTF. On Friday, Italy sells 6-month BOT, with
details TBA. MNI expects E6.0bln of issuance.
- CASH FLOW: There are E5.9bln in bill redemptions this week, all of which are
France. This will leave net cash flow at positive E4.7bln, vs E2.7bln last week.
** For full details, please see MNI Eurozone T-Bill auction calendar

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