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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
E14.7bln down from E20.5bln last week.
- ISSUANCE: The Netherlands will be the first to issue next week with sales of
the Nov 29, 2019 DTC and Feb 28, 2020 DTC on Monday for E2.0bln each. France
will follow up on the same day with sales of 3-/6-/12-month BTFs for a combined
E3.3-4.5bln. Spain is due to sell 3-month and 9-month letras on Tuesday with
details to be announced. 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.
- CASH FLOWS: There will be E8.5bln in redemptions, which will leave net cash
flows at E6.2bln for the week.
** For further details please see MNI Eurozone T-Bill Calendar

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