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EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: France, Netherlands, Belgium, Portugal and the ESM
will come to market this week to issue T-bills. We estimate total issuance of
E13.1bln down from E20.5bln last week.
- RECAP: The Netherlands sold E1.05bln of Nov 29, 2019 DTCs and E1.21bln of Feb
28, 2020 DTCs on Monday. France then sold a combined E4.372bln of 3-month Dec
11, 2019 BTFs, 6-month Feb 12, 2019 BTFs and 12-month Sep 9, 2020 BTFs.
- ISSUANCE: Spain is due to sell 3-month and 9-month letras on Tuesday for
E1.5-2.5bln. Also on Tuesday the ESM will sell 6-month bills for E3bln. Portugal
will conclude issuance for the week with taps of the Mar 20, 2020 and Sep 18,
2020 bills for E1.25-1.5bln.
- CASH FLOWS: There will be E8.5bln in redemptions, which will leave net cash
flows at E4.6bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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