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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, Italy and Greece will be the only issuers of
T-bills next week with supply of E11.4bln expected compared to E14.2bln last
week.
- ISSUANCE France will seek to raise E3.2-4.8bln on Monday through sales of the
3-month Nov 27, 2019 BTF (E2.1-2.5bln), 6-month Jan 15, 2020 (E0.4-0.8bln),
12-month Apr 22, 2020 BTF (E0-0.4bln) and the 12-month Aug 12, 2020 BTF
(E0.7-1.1bln). Italy will come to market on Wednesday to issue BOTs with supply
estimated at E6.0-6.5bln. Greece will looks to raise E0.875bln through the issue
of new 6-month Feb 28, 2020 bills.
- CASH FLOWS: There are E16.8bln in redemptions next week with the largest being
Italy (E6.0bln), France (E4.0bln) and the Netherlands (E4.0bln). This will leave
cash flow at negative E4.02bln.
** For full details please see MNI Eurozone T-Bill auction calendar

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