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France, Italy and..........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, Italy and Belgium will be issuing T-Bills next
week, auctioning an estimated E12bln compared to E6.7bln last week.
- ISSUANCE: Italy will start the week with a E6.5bln tap of the 6-month Jan 31,
2020 BOT on Monday. On the same day France will offer the 3-month Oct 30, 2019
BTF, 6-month Dec 18, 2019 BTF, Mar 25, 2020 BTF and the 12-month Jul 15, 2020
BTF for a combined E3.7-5.3bln. Finally, Belgium will sell the 3-month Nov 7,
2019 for E1bln on Tuesday.
- CASH FLOWS: Redemptions will be relatively heavy next week at EUR16.8bln,
leaving cash flow at negative E4.8bln.
** For full details, please see MNI Eurozone T-Bill auction calendar.

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